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A Severance Tax on California Oil?

California has long been and remains a major oil-extracting state. It is the largest gasoline consumer by far, at the highest prices. Its fields were yielding up hydrocarbons not long ago when oil was at $10/bbl or less, and natural gas was a drug on the market. There is much economic rent there. And yet California is the only state, major or minor, with no severance tax.
Insights July-August, 2006

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