Texas Oil Attacks California Cleantech with Prop 23
Over 95 percent of California transportation is fueled by petroleum. By comparison, only two nations use more oil – China and the United States. California uses more oil than India, Japan, or Germany. Reducing the use of petroleum would cost oil companies billions. Texas oil companies are spending million to encourage Californians to vote “yes” for Proposition 23 this November. Proposition 23’s opponents include 66 asset managers, venture capitalists and other investors collectively managing over $410 billion who issued a joint statement today opposing Proposition 23, the statewide ballot initiative to stop implementation of the state’s landmark clean energy law, AB 32.