Assembly considers additional oil tax

June 23, 2009 9:29:16 PM PDT
An assembly committee Tuesday tabled a bill that would create an oil severance tax in California. It adds to the cost of crude pumped from wells. California is one of a few states without an extraction tax.

But California has other taxes on the oil industry that are comparable. The bill's author says it would increase tax revenues by $1 billion a year.

Opponents say it would lead to job losses and cheaper oil from out of state.

Wednesday, the full legislature debates the democratic budget proposal, which has a similar oil severance tax. But the governor and republicans consider the budget incomplete.

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