Bloomberg Tax
Feb. 11, 2019, 8:57 PM

California Bill Would Impose Oil and Gas Extraction Tax

Laura Mahoney
Laura Mahoney
Staff Correspondent

A California senator wants to impose a 10 percent tax on oil and natural gas extracted in the state.

Sen. Bob Wieckowski (D) introduced S.B. 246 to levy the severance tax based on the average price per barrel of oil or average price per unit of gas extracted. Wieckowski said California should join the roughly 30 other oil and gas producing states that already impose a severance tax.

“While oil companies rake in enormous profits and other states take in billions of dollars in revenue for critical programs like education, California is failing to be comparably compensated for the removal ...

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