Statement in support of bill to help students afford higher education by raising revenues from oil companies

 
PRESS RELEASE

FOR IMMEDIATE RELEASE
January 12, 2010

LOS ANGELES, CA – Rick Jacobs, Chair of the 700,000-member Courage Campaign, released the following statement today regarding the State Assembly’s debate of AB 656, sponsored by Asm. Alberto Torrico, to levy a 12% severance tax on oil produced in California and use the money to fund higher education:

"The Courage Campaign is excited to co-sponsor AB 656 with Assemblymember Alberto Torrico. This bill is an investment in pulling California out of the worst recession in 60 years. Although both Texas and Alaska have oil severance taxes, California has instead made cuts to and increased fees to attend our public colleges and universities. These policies undermine our economic recovery and place our future ability to create the economy of the 21st century in severe jeopardy.

"California’s higher education system has been and is a magnet for innovation. Apple, Intel, and Google are just a few beneficiaries of our university system that educated our way to prosperity. We can turn the climate crisis into an economic opportunity that can save the planet and create millions of great jobs for our state — if we invest in higher education now.

"AB 656 ensures that this money will go directly to the students who need it most by setting up a clear and accountable system to raise and distribute the $2 billion in estimated annual revenues. Instead of dumping the revenue in the general fund, AB 656 creates a commission that includes student representatives to ensure the money is spent fairly and to the maximum benefit of California’s college students.

"The Courage Campaign believes this is the best way to build public support for restoring educational opportunity to Californians. We look forward to working with Assemblymember Torrico and students across the state to get this bill passed and signed."