Oil Industry: “No Deal.”
By Josh FeitPublicola
03/09/2010
Initially, environmentalists pitched tripling the tax—it hadn’t been raised since 1988—from .7 to 2 percent for $225 million. Their current proposal (after the oil industry knocked down tripling the tax) is to increase the tax by .85 percent to 1.5 for $100 million as laid out in an amendment proposed by Rep. Timm Ormsby (D-3) and supported Rep. Larry Springer (D-45), the Finance Committee member who initially gutted the proposal. The Finance Committee sent the bill to the floor.
Initially, environmentalists pitched tripling the tax—it hadn’t been raised since 1988—from .7 to 2 percent for $225 million. Their current proposal (after the oil industry knocked down tripling the tax) is to increase the tax by .85 percent to 1.5 for $100 million as laid out in an amendment proposed by Rep. Timm Ormsby (D-3) and supported Rep. Larry Springer (D-45), the Finance Committee member who initially gutted the proposal. The Finance Committee sent the bill to the floor.