Offshore oil drilling rig, California Coast.
California is the only state in the U.S. that donates its oil and natural gas reserves to the private oil and gas industry, untaxed. Were it a nation, it would be the only nation in the world.
Last year, on March 14th, 2008, the California State Legislature, faced with school closures, teacher layoffs, and, radical cuts in all things pubic, finally considered a 9.9% oil extraction tax that would have raised $1.2 billion.
Now, in June 2009, as school closures loom, the California State Legislature considers the oil tax, and the extension of oil and gas drilling leases off the coast of Santa Barbara proposed by Governor Arnold Schwarzegger.
Cross post, full text at Examiner.com.