Nava to Introduce Oil Industry Fair Share Act – New Legislation will make Big Oil Pay for California Crude

SACRAMENTO /California Newswire/ — Assemblymember Pedro Nava (D – Santa Barbara) will be joined by seniors, school employees, healthcare providers, environmentalists and others to announce the introduction of the Oil Industry Fair Share Act at a Capitol news conference on Monday, October 26, 2009 at 11 a.m. in Room 1190 of the State Capitol.

“California oil companies are getting a free ride. California is the only major oil producing state that does not charge a severance tax on oil extraction. It is time for California to catch up with Alaska, Texas, Alabama, and Arkansas. We need to collect the people’s share of this potential revenue source by forcing Big Oil to pay its fair share,” said Nava. “California has been giving away public assets to Big Oil for far too long.”

Nava will introduce legislation in the Sixth Extraordinary Session to create an oil severance tax of 10% on the gross value of each barrel of oil pumped by companies in California. This tax will provide approximately $1.5 billion in additional revenue to the California general fund that can be used for public safety, education, human services, and other vital programs.

Protecting consumers and the environment has been a primary focus of Nava’s career.

Who: Assemblymember Pedro Nava, Congress of California Seniors, California School Employees Association, Environment California and others.

What: News Conference regarding introduction of the Oil Industry Fair Share Act

When: Monday, October 26, 2009, 11 a.m.
Where: State Capitol, Room 1190

Please contact John Mann with Assemblymember Nava’s Office for more information at 916-718-7420.

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