http://biz.yahoo.com/seekingalpha/061104/19882_id.html?.v=1Prop 87: Follow the MoneySaturday November 4, 5:35 pm ET
The big issue in this election may not be whether the Democrats take the Senate or not but how our National Energy Policy will be shaped for the next decade.
The battleground is being set in California where Bill Clinton and Al Gore are running a test platform for 2008 to see if voters are ready to plan for the future.If they win this, it will be a tide-turner for Big Oil as it shows that something substantive can be done despite all the BS from Washington.
This will be a blueprint for national energy policy if the Dems take back the White House.
California is the ONLY state that currently does not derive any revenue for the oil that the drillers take out of their land (an "extraction fee"). As much of a joke as these fees are in the U.S. compared to other oil producing nations (Alaska 15%, U.S. offshore 12%, even Texas charges 4.6%) , California goes all the way and gives energy companies a completely free ride.
Proposition 87 proposes a 6% fee, almost as low as the President's home state.
Needless to say the oil companies are not too thrilled with this -- they have ponied up over $100M to fight this bill (a new record) to keep the world safe from clean energy.