Secretary of State No.
PETROLEUM INDUSTRY - ASSET DIVESTITURE. INITIATIVE STATUTORY AMENDMENT. Establishes Petroleum Industry Competition Commission. Defines terms used in amendment. After 1981, no "major producer," "major refiner" or "petroleum transporter" shall operate retail service station in California. Time extension for service station divestitures possible. After 1983, unlawful for "major producer," "major refiner," "major marketer" or "petroleum transporter" to own or control asset in California in any of other three phases of petroleum industry. Commission may permit retention of certain "transportation assets." Commission shall approve plans for divestiture of "prohibited assets." Prohibits acquisition of "alternative energy sources" by "major producers, refiners, marketers" or "transporters." Financial impact: State revenues would be reduced by an unknown amount and state costs increased by more than $2,500,000. No significant impact on local governments.
Joe B. Morgan, 11821 Larrylyn Drive, Whittier, Ca 90604 (213) 943-7612 (213) 947-1611
Failed to Qualify
Petroleum Industry - Asset Divestiture California Initiative 218 (1979).