California Oil Extraction Tax

All oil extracted from California land will be taxed 20% per barrel, and the revenue generated from this tax will for explicitly to paying for California schools.

Dear Senators and House Representatives,

The oil extracted from California soil has no positive impact on the California economy or it's budget. Corporations are allowed to drill and pay minimal fees to do so. This petition proposes that at least a 20% tax per-barrel should be implemented to take advantage of the massive wind-fall profits "Big Oil" receives. This should in no way affect Californians at the pump because the oil companies still receive 80% of the profit.

In turn, the revenue generated from this taxation should be used productively to fund California schools. The current budget crisis in this state is causing cut-backs at all levels and one that seems most effected is California's school, now ranked 47th in the nation when it comes to per-pupil expenditures. This extraction tax could alleviate California's budget problems, not to mention, it could pay for education in this state 100% if the tax is implemented properly, regulated properly, and distributed properly.

This same tax is already in place in Alaska from which the citizens receive an annual check that is used to pay for countless personal/family expenditures. In California, this tax could pay for our children's education while at the same time alleviate the state's budget woes.