To fund a range of alternative energy efforts, a California constitutional amendment will be taxing oil production. Setting up a nine-month battle between environmentalists and oil companies, it may go to voters this November.
Including movie producer Steven Bing and Silicon Valley venture capitalist Vinod Khosla, some big names in California business will help fund the ‘Californians For Clean Alternative Energy’ effort. Its objective is to get the measure on the ballot and convince voters to approve it.
It is later this month, the two and other leaders of the group will kick off a signature-gathering drive. They seek to cut petroleum fuel consumption in California by 25 percent of 2005 levels in 10 years. The tax would end in 2017 unless the California legislature votes to extend it.