Proposition 87 defeated
One silver lining for the oil industry brought by the November elections was the defeat of the Californian referendum on Proposition 87. The controversial scheme sought to reduce petroleum consumption by 25%, while generating $4 billion over the next decade to spend on research and production incentives for alternative energy projects. It would have done so via a per-barrel tax ranging from 1.5% to 6% on Californian oil producers depending on the oil price, with the higher rate applied to higher
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