On radio Tuesday, Newsom bemoans lack of state extraction tax 

Speaking on the local airwaves to encourage people to vote Tuesday, Mayor Gavin Newsom opined on a number of different subjects, notably his support for an extraction tax on natural resources.

While making an appearance on Alice 97.3, Newsom bemoaned the fact that California is the only major oil-producing state in the nation without an extraction tax, a levy that is imposed on energy companies for mining public resources.

Newsom said that even in “Sarah Palin-Alaska,” there is a 20 percent extraction tax, which generates billions annually for the state.

In California, efforts are currently under way in the state legislature to get a ballot measure on the November election that would have residents vote on an extraction tax, with the fees going toward higher education.

The San Francisco mayor said California residents have every right to be outraged about ever-increasing university fees, when major oil companies like BP do not have to pay extraction taxes.

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Will Reisman

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