Has Big Oil Bailed on Prop 23?
Proposition 23 would delay implementing California’s landmark law aimed at reducing greenhouse gas emissions until the state’s unemployment rate falls to 5.5 percent or below for four consecutive quarters. Notoriously, two Texas oil companies have put up much of the funding for the initiative. But Dan Morain suggests in last Sunday’s Sacramento Bee that Big Oil may have given up on the project. A recent Field poll showed the initiative down 45 to 34 percent.
From Morain’s column:
Heading into the final two weeks before the Nov. 2 election, the main funders, Texas-based Valero and Tesoro oil companies, seem to have concluded it makes no sense to throw more of their oil-stained millions at the bad idea.
Yes-on-23 strategist Rick Claussen told me last week that there would be no final push unless backers came through with $10 million fast. The week came and went without an infusion.
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