Steyer says state oil tax ‘looking less likely’ for 2016

As reported by the Sacramento Bee:

Billionaire environmentalist Tom Steyer said it’s increasingly unlikely he will follow through with threats to put an oil-extraction tax on next year’s ballot, but he still expects to help bankroll other measures.

While he hasn’t formally closed the book on the oil tax or related transparency measure aimed at oil companies, Steyer said his team has yet to accomplish everything he said needs to happen to qualify and ultimately pass a statewide initiative next year. Meanwhile, the clock is ticking down for prospective proponents.

“It’s looking less likely, I would say,” he said after an event Thursday in Sacramento.

Steyer, an early supporter and co-chairman of a campaign to raise the cigarette tax by $2 a pack, said he plans to get behind a couple of other efforts once the election picture is clear.