Posted on June 6, 2011 by the State Executive Committee
Please sign and circulate this historic initiative petition to tax the oil companies in California.
The Peace and Freedom Party of California (PFP) has endorsed an initiative to tax the big oil companies and fund education. We urge you to sign.
As California slashes the budgets of its public education institutions, the oil companies are making record profits. Inexplicably California is the only (major) oil-producing state in the nation without an oil extraction fee, sometimes called an oil severance tax.
A group of educators and other concerned people have submitted a statutory proposition initiative that mandates a 15% fee on the value per barrel of crude oil extracted from California. This will bring an extra $3 billion a year to the state as a dedicated funding source for the state’s public education.
PFP prefers to raise revenue for the general fund to finance the social needs of the state including education. However, given the current crisis, voters are rallying to fund education and P&F supports this grassroots effort. The new tax revenue will reduce college and university tuition fees and restore K-12 lower class sizes and other programs. Further, there will be no new burdens to the citizens of California. A provision in the initiative makes it illegal for oil companies to offset costs by raising gas prices, or passing taxes to refineries, gas stations or the consumer.
504,760 valid signatures are required by September. Peace and Freedom Party, Santa Cruz County has pledged two thousand signatures and Peace and Freedom Party, Sacramento County will gather another 800. Join with us in this grassroots effort to reverse the unjust and excessive budget cuts. This is the only progressive taxation currently proposed for the ballot.
For more information and petitions, visit www.rescueeducationcalifornia.org.