SACRAMENTO, Calif. --- California voters in November will vote on whether to tax oil companies to fund alternative energy programs, according to a report in the Los Angeles Times. Secretary of State Bruce McPherson announced this week that backers of the oil tax plan had gathered enough signatures to qualify the proposed measure for the ballot. The tax measure proposes that the state levy a 1.5 percent to 6 percent tax, depending on oil prices, on oil drilled in California. If voters give their OK, the measure would create a $4 billion program aimed at slashing oil and gasoline use by 25 percent. The monies would fund research and production incentives for alternative energy, vehicles that run on alt-fuel, energy-efficient technologies and education, according to the Times report.

Originally posted on Fleet Financials