Oil taxes fuel state budget

Oil taxes fuel state budget

Cal Watchdog | December 04, 2014 | by Wayne Lusvardi

Banning fracking could lead to higher costs at the pump for drivers. And it could add to state and local budget problems. A 2014 study conducted by the Los Angeles County Economic Development Corporation cast doubts about whether a fracking ban could gain a trickle of support. Not just commuters with large gas bills would oppose it. So would those depending on checks and programs funded by state and local revenues. The study found that, in 2012, state and local oil-and-gas-tax revenues were $21.55 billion.

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Californians for Energy Independence is a coalition that supports state and local policies that allow for continued domestic energy production and opposes those policies – such as oil taxes and energy bans—that would hinder production and increase reliance on foreign oil.

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