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California voters spurn huge oil tax and new energy bureaucracy.(Inside Track)(Brief article)
Oil and gas consumers nationwide can celebrate the defeat of Proposition 87, which proponents billed as a measure to reduce California's dependence on oil and promote energy alternatives. The ballot proposition, which launched the most expensive state initiative battle in U.S. history, was defeated on November 7 by a 55 to 45 percent margin. Prop. 87 would have raised $4 billion for alternative energy sources and "clean" vehicles, largely through taxes on California oil companies. Prices on gasoline, oil, and other oil-based products would have skyrocketed and oil production in the state (California is the ...
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