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Politics : Sioux Nation

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To: Patricia Trinchero who wrote (81510)	10/4/2006 8:09:03 AM
From: Wharf Rat	Read Replies (1) of 362291

California: Barrels of Money Fuel Oil Tax Fight Dan Morain, LA Times The battle over Prop. 87 pits a film producer against the industry. A spending record is ---- SACRAMENTO - Five weeks before election day, California oil companies and a rich Hollywood producer are waging an $85-million battle over an initiative that would impose up to a $485-million-a-year tax on the oil industry. In any other state, the $45 million that oil producers have shelled out to block Proposition 87 would be a political gusher of historic proportions. But in California this year, there's an equalizer: Stephen L. Bing, movie producer, heir to a real estate fortune and one of the biggest financiers of Democratic and environmentalist causes in the nation. Bing has given $40 million to the campaign in favor of the initiative, which he helped launch. The sum is an unprecedented donation by an individual in a single initiative fight. Venture capitalists and others have contributed an additional $5.7 million to the Yes-on-87 campaign, pushing the overall total toward $91 million. The fight almost certainly will set a spending record for one initiative. The oil money dwarfs the industry's spending in other states over the last six years. It's more than oil and gas interests have donated to federal candidates and national parties in any single campaign for more than a decade, according to the Center for Responsive Politics in Washington, energybulletin.net original behind pay wall

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