Voters to Weigh Oil Tax to Pay for Fuel Research
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A state initiative that would tax oil production to pay for research on alternative fuels has qualified for the November ballot, California’s secretary of state said.
The measure, backed by film producer Steve Bing and Silicon Valley investors, would tax crude oil extracted from California wells using a formula based on oil prices. The tax would raise a projected $400 million a year for research on low-polluting fuels.
Oil companies have raised $10 million to fight the initiative. Its proponents have reported $4 million in contributions.
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