Proposition 23 -- The Big Oil Initiative
Original post made by Rae on Oct 25, 2010
The largest contributor by far to Prop 23 is Valero Energy, a Texas-based oil refining and marketing company, with $4,059,678 in the Prop 23 pot. That $4M is a drop in the bucket when compared to the $4.5 billion dollars of profit Valero has made since 2002 when they purchased their second California refinery. According to company financial reports, Valero has "37% higher margins on each barrel of oil it refined in California than at refineries it owns elsewhere in the country". Why? "Higher than average gasoline prices in the West, created by artificially low supplies during periods of high demand." There's even an insider name for profits gained from gouging Californians at the pump it's called the "California Premium". And this is a company that has Californian's welfare at heart and is going to promote jobs in California? That'll be the day!!
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Please vote NO on Proposition 23!
Fppc/Prop 23 funding: Web Link
Valero: Web Link
Adam Smith Foundation: Web Link
"Top 100 Toxic Air Polluters": Web Link