Oil Companies' Slick Tax Move
They Profit, We Pay at the Pump
Suzanne Shaw, NBC Bay Area Editorial Director, argues for oil extraction fees in California. (Published Thursday, Apr 28, 2011)
Tuesday, Jun 14, 2011 Updated at 6:53 AM PST
And now, an NBC Bay Area Editorial:
We'll soon face the worse budget cuts yet from Governor Brown. The proposed damage to our students, and our future, has to stop.
I'm Suzanne Shaw (NBC Bay Area Editorial Director)
We've called before for tax restructuring. And NBC Bay Area believes we can start now to raise more money, more fairly, by charging an oil and gas extraction tax.
Two separate measures, an Assembly Bill and an initiative, would tax oil, raise 2-3 billion a year for education, and bar producers from passing the costs onto to you.
California is the third in oil production after Texas and Alaska.
Alaska charges 25% per barrel of oil
Texas almost 5%
California's the only oil state with no extraction tax on what drillers take from the earth. We pay 66 cents tax on every gallon of gas, oil companies should pay too. Support oil extraction fees!