LA Professor Calls For Statewide Oil Drilling Tax

LOS ANGELES (CBS) — A local college professor is leading the charge to tax every drop of crude oil pumped in California.

Cypress College political science Professor Peter Matthews says it’s time for a statewide drilling tax that would ultimately boost the coffers of cash-strapped California.

KNX 1070’s Ed Mertz reports Matthews points to other oil-rich states which have implemented similar policies.

Alaska charges a 25 percent fee on oil, while Texas tacks on 12.5 percent.

Matthews says his proposal would prohibit companies from passing on those fees to consumers.

He’s expected to submit his proposal to the attorney general on Monday.

Voters in Los Angeles, meanwhile are set on Tuesday to decide the fate of Measure “O”, which would add a 1.44 cent tax to each barrel of oil pumped in city limits.

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

Comments

One Comment

  1. Al Grathwol says:

    What an idiot! Doesn’t he understand that this will raise the price of gasoline, no matter what provsions are in the law. Ultimately, the people pay all taxes, not the companies!

  2. Opticaltee says:

    Agreed Al!!

  3. paramdham says:

    PROFESSOR?! He shd hv his sights right!
    he shd examine the freebies going out in various disguises to empowering inclusion social spending et al. stop wastages you will be rich with existing taxation. merciless toughness on illegal immigration,drug-terror linked activities,pseudo-rights activists blocking the progress of working people[not limiting to working class!]
    and less empty provocative self defeating rhetoric from bothsides of the lawbodies…
    dont forget the end of usa as we know will come to a sharp ending if we do not pull ourtselves up by our own bootstraps and kill the enemies within in lieral and figurative senses

    1. Duh! says:

      OMG – what a headache trying to figure out what you are trying to say.

      paramdham wrote – “PROFESSOR?! He shd hv his sights right!”

      Does this mean, “PROFESSOR?! Help shed HIV history sights to the right!”?

  4. karl says:

    There is a provision in the bill that states the oil companies cannot try to raise gas prices to cover profit losses. Also alaska and texas both charge and extraction fee and their pump prices and 60 cents less a gallon then we pay here in CA. get your facts straight before post

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