Summary
(from Fact Check)
Former President Bill Clinton says California’s Proposition 87 will help “save the planet” and Al Gore says it’s the one thing the state can do to “free us from foreign oil.” One ad urging a “yes” vote says it will bring “cheaper fuels for our cars, trucks and SUVs.”
On the other side, a campaign financed mostly by oil companies says it would mean more foreign oil, higher gasoline prices, and fewer tax dollars going to pay for firemen and other public safety officials.
Both sides are overselling. Stripping out the hype and hooey, we find the measure would impose an additional $4 billion in taxes on the state’s oil producers over an uncertain number of years, with uncertain results. The measure would set aside the money for research and development of alternative energy and for consumer subsidies. The results, however, can’t be guaranteed, or even foreseen with any certainty.