Earth Equity News

Schwarzenegger Call for Severance Tax on Oil Production. By Jim Christie, Reuters, November 6, 2008. "California Gov. Arnold Schwarzenegger on Thursday reversed his previous opposition to a severance tax on oil production in his state and called on lawmakers to approve such a measure to boost revenues to help close a budget shortfall that has swollen to $11.2 billion. 'We have drastic problems that require drastic and immediate action -- we must stop the bleeding right now,' the Republican governor said in a statement a day after two top lawmakers in the state's Democratic-led legislature also called for an oil severance tax... Two years ago, state voters rejected a measure proposing a tax on oil producers extracting oil in the state to fund incentives for researching and producing alternative energy and alternative fuel vehicles. At the time, Schwarzenegger opposed the measure, which had the backing of former President Bill Clinton, former Vice President Al Gore and Hollywood celebrities."