Windows LiveWindows Live™
 
 
Robert Dunlop's profileRobert Dunlop's SpacePhotosBlogListsMore Tools Help

Blog
    September 14

    A bad deal for California

    I've usually not been one to be very political online, but given I have a grievance to rant about, what better place than my blog - if one has come here, presumably they are curious as to what I think, so here goes.
     
    Here in California, we have a ballot measure comint up called Proposition 87, which will supposedly tax oil company profits and use it to fund research into alternative energy, meanwhile making it illegal for them to pass the cost on to consumers.  There are constant advertisments on television barraging us with the supposed benefits of this proposition, while I have only heard a couple of very weak advertisements opposing it over the last few months.  The latest advertisements by proponents go on about how all of the advertisements opposing the proposition are funded by the oil companies and are deceptive.  What ads?  Having researched Prop 87 myself, and having read through the text of the proposition, it is (IMHO) the scariest thing to come down the pipe for California since Enron!!!  Yet there seems to be little effort to educate people what it's really about.  Here's some of the things I take issue with, which can be found in this piece of shady legislature (or extrapolated as potential economic effect with just a little common sense):
     
    • It only taxes oil that is extracted from wells in California, not oil that is drilled elsewhere in the US or from foreign sources.  This could easily mean a shift away from use of oil extracted in California, resulting in:
      • More reliance on foreign oil or oil drilled in other states, meaning potentially higher prices
      • Loss of petroleum related jobs in California
      • Lack of real tax revenue resulting from this bill
    • Regardless of whether any tax revenue is actually realized, this bill will result in 4 billion dollars to be spent by a private foundation established by this bill to fund research into alternative energy.
    • To allow this spending without revenue to support it, the foundation will be able to issue bonds payable by the state of California to raise the $4 billion.
    • The bonds can be offered publicly or for private sale, and may be sold under par, without any stipulations on a reasonable "under-par" value for the bonds.  Here's a scenario for abuse - say the bonds are sold at $0.50 on the dollar to insiders, meaning a huge profit for the buyers, and the need for $8 billion in bonds to raise the $4 billion needed.
    • Rather than being directly applied to bond repayment, tax revenues will be placed in a discretionary fund, which the foundation can decide how to spend and how much should be applied to bond repayment.
    • The foundation may disperse funds to any government agencies at their discretion, without these moneys being applied to the annual budgets for these agensies that are assigned by the state budget.
    • There is an amendment to the state constituation that prevents removal of the tax on oil drilled in California until the bonds are repayed, stating that it cannot be removed by legislation or by a vote of the people!!!

    There's more, if I took the time to re-read the proposition I could point out a lot more issues like these, but those are the highlights, and if this isn't enough to convince people just how WRONG this proposition is, then no amount of argument on my point would do any good anyway.

    For the sake of the state, Californians should VOTE NO ON 87!

    2:09 AM | Add a comment | Read comments (1) | Permalink | Blog it | General Ramblings
    July 20

    Climbing the wall in Houston

     Just got back from a trip to Houston for some contract work, good to be home.  However, it wasn't all work and no play.  One of the employees at the customer site is attending the University of Houston, and invited me to visit the climbing wall they have there.  It's been a long time since I've been on a rock, and my forearms gave out early, but I had a blast.  I'm going to have to find some time to get back  on the rocks here in L.A.!
     
    Here is a picture of the climbingg wall (no, that's not me, we weren't allowed to bring in a camera due to privacy issues at the college):
     
     
    1:08 AM | Add a comment | Permalink | Blog it | General Ramblings