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With passage of Measure O, L.A. would join other Southland cities in taxing oil extraction

Mar 4, 2011 10:10:32 PM- latimes.com
Los Angeles needs the money Measure O would provide, but oil companies say the $1.44-a-barrel tax would lead to lost jobs and higher gas prices.

To proponents, it's a win-win concept: Generate revenue for Los Angeles' depleted treasury while taxing an industry — the oil business — that is widely reviled, despite its historic ties to Southern California.