Thursday, June 22, 2006

On the Nov '06 Calif ballot: oil tax to fund alternative energy

Here's a donnybrook in the making: Golden State voters are slated in November to vote on a constitutional amendment that would tax oil production to fund alternative energy projects. In one corner: "Californians for Clean Alternative Energy;" in the opposite corner: "Californians Against Higher Taxes." Can the anti's risk being cast as against renewables? Test your energy IQ on this important fact: Which of these states does not tax the extraction of natural resources? Alaska, California, Louisiana, Texas. If you selected California, you're correct (according to Californians for Clean Alternative Energy). Here are the tax rates for the other oil-rich states: Alaska, 15%; Louisiana, 12.5%; Texas, 4.6%. The proposed California tax rate would depend on the price of oil. At $58 per barrel, for example, the rate would be 4.5%.

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