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.
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