CA: Valley man bankrolls clean-energy initiative - Oil Firms To Pay Tax To Fund Fuels, Cars

Mercury News ^ | April 03, 2006 | Matthai Chakko Kuruvila

[calcowgirl]

Vinod Khosla is bankrolling a ballot initiative that would tax oil producers and subsidize alternative energy -- technologies he invests in as one of the valley's most prominent venture capitalists.

If California voters embrace the November initiative, the tax on oil companies could generate $4 billion for projects intended to reduce the state's dependence on oil by 25 percent within a decade.

Such political moves are still new territory for the well-heeled venture capital community more accustomed to funding start-up companies than ballot campaigns. That changed in 2004, when the industry put its money behind another technology-building initiative: stem-cell research.

This marriage of personal and political passions makes some consumer advocates uneasy, while outraging the oil industry.

Initiative backers are currently gathering signatures, which they say they'll submit by the end of the month. Khosla says the measure, which he's already spent more than $1 million to back, is not about him. He says it's about "doing the right thing."

"We've got a climate crisis on our hands," said Khosla, a Republican who is joining Hollywood mogul Stephen Bing, a Democrat, to bankroll the initiative. "We have an energy crisis on our hands. We have our oil feeding Middle East terrorism, and we need to do something about it. Besides, consumers are paying too much."

The latest proposal to use taxes to subsidize technological innovation in California comes as critics are still wrestling with the first such idea: Proposition 71, which authorized $3 billion in public money for stem-cell research. Khosla gave more than $500,000 to that campaign, while Bing gave nearly $260,000.

If passed, the measure would tax oil production in California... The revenues could be used for a number of purposes, such as subsidies to buy clean, alternative fuel vehicles or incentives to stimulate alternative fuel production.

[calcowgirl]

Those fuels include the ethanol technologies -- such as those that produce fuel out of switchgrass, wood chips and other plant byproducts -- in which Khosla invests.

Khosla joins with leftist Stephen Bing to use taxpayer money to enrich themselves. These new "Republicans" will destroy the state, imo.

[kaktuskid]

And you wonder why Kali has the highest fuel prices in the country?

[calcowgirl]

Related thread:

CA: Initiative seeks to add new tax to oil companies' profits (to fund alternative energy industry)
Capitol Weekly ^ | 3/16/06 | Shane Goldmacher
Posted on 03/16/2006 9:23:25 AM PST by NormsRevenge

[Rakkasan1]

notice that he "bankrolls ballot initiative" rather than "bankrolling alternative energy technologies" on his own accord.

[JeffersonRepublic.com]

[President Hugo Chavez has been working to strengthen state control over oil production in the country. So far, 16 oil firms have agreed to change their operations into joint ventures with state oil firm PDVSA. US based Chevron, Royal Dutch Shell and Spain's Repsol are among the companies that signed the agreement on Friday.]

Well if Chevron isn't afraid to support Hugo Chavez and terrorists in the mid-east, then they can give to Californian socialists too.

[afnamvet]

Our experience with the stem cell intiative should remind all of us to stop this production tax dead in its tracks. Venture capitalists should keep their greasy hands off taxpayer dollars.

[AnotherUnixGeek]

The cost of any new oil tax will, of course, be passed on to consumers. I would hope for something better from Khosla, one of the founders of Sun Microsystems.

[sportutegrl]

Notice he is not actually spending any of his own money to fund clean fuel technology, he is spending money so voters will be confused enough to vote to increase their cost of gas to fund his pet project for him.

[calcowgirl]

Khosla, Vinod
Kleiner Perkins Caufield & Byers
General Partner, Venture Capitalist
Menlo Park, Ca 94025

Recipient	Contest Name	Amount Received	Contribution Date
Taxpayers For Accountability & Better Schools (Tabs), Yes On Prop. 39 A Coalition Of Teachers, Parents, Seniors, Taxpayers & Business, Id#1222562	Smaller Classes, Safer Schools, And Financial Accountability Act 39	1,000,000.00	5/15/2000
Taxpayers For Accountability & Better Schools (Tabs), Yes On Prop. 39 A Coalition Of Teachers, Parents, Seniors, Taxpayers & Business, Id#1222562	Smaller Classes, Safer Schools, And Financial Accountability Act 39	196,672.70	3/11/2002
Taxpayers For Accountability & Better Schools (Tabs), Yes On Prop. 39 A Coalition Of Teachers, Parents, Seniors, Taxpayers & Business, Id#1222562	Smaller Classes, Safer Schools, And Financial Accountability Act 39	116,384.24	3/11/2002
Taxpayers For Accountability & Better Schools (Tabs), Yes On Prop. 39 A Coalition Of Teachers, Parents, Seniors, Taxpayers & Business, Id#1222562	Smaller Classes, Safer Schools, And Financial Accountability Act 39	111,539.80	3/11/2002
Taxpayers For Accountability & Better Schools (Tabs), Yes On Prop. 39 A Coalition Of Teachers, Parents, Seniors, Taxpayers & Business, Id#1222562	Smaller Classes, Safer Schools, And Financial Accountability Act 39	76,215.84	3/11/2002
Taxpayers For Accountability & Better Schools (Tabs), Yes On Prop. 39 A Coalition Of Teachers, Parents, Seniors, Taxpayers & Business, Id#1222562	Smaller Classes, Safer Schools, And Financial Accountability Act 39	50,495.76	3/11/2002
Taxpayers For Accountability & Better Schools (Tabs), Yes On Prop. 39 A Coalition Of Teachers, Parents, Seniors, Taxpayers & Business, Id#1222562	Smaller Classes, Safer Schools, And Financial Accountability Act 39	48,143.00	3/11/2002
Taxpayers For Accountability & Better Schools (Tabs), Yes On Prop. 39 A Coalition Of Teachers, Parents, Seniors, Taxpayers & Business, Id#1222562	Smaller Classes, Safer Schools, And Financial Accountability Act 39	25,840.00	3/11/2002
Taxpayers For Accountability & Better Schools (Tabs), Yes On Prop. 39 A Coalition Of Teachers, Parents, Seniors, Taxpayers & Business, Id#1222562	Smaller Classes, Safer Schools, And Financial Accountability Act 39	388,557.50	5/9/2002
Taxpayers For Accountability & Better Schools (Tabs), Yes On Prop. 39 A Coalition Of Teachers, Parents, Seniors, Taxpayers & Business, Id#1222562	Smaller Classes, Safer Schools, And Financial Accountability Act 39	134,244.00	5/9/2002
Yes On 71: Coalition For Stem Cell Research And Cures, Id#1260661	Prop. 71 - California Stem Cell Research And Cures	500,000.00	10/25/2004
Yes On 71: Coalition For Stem Cell Research And Cures, Id#1260661	Prop. 71 - California Stem Cell Research And Cures	252,790.00	2/15/2005
Yes On 71: Coalition For Stem Cell Research And Cures, Id#1260661	Prop. 71 - California Stem Cell Research And Cures	258,519.15	2/28/2005
Redistrict California - Yes On 77, With Major Funding Provided By Steve Poizner, Poizner For Insurance Commissioner & CALBUSPAC, Id#1279790	Reapportionment Initiative, Constitutional Amendment: 77	250,000.00	10/7/2005
CALIFORNIA REPUBLICAN PARTY, ID#810163		70,000.00	6/30/2000
SCHWARZENEGGER, CALIFORNIANS FOR, ID#1256981	Governor	20,000.00	9/17/2003
POIZNER, REFORMERS FOR STEVE, ID#1256884	State Assembly 21	3,200.00	7/27/2004
POIZNER FOR INSURANCE COMMISSIONER, STEVE, ID#1276770	Insurance Commissioner	5,000.00	6/30/2005
WESTLY 2006, ID#1251909	State Controller CA	2,500.00	11/4/2004
WESTLY FOR GOVERNOR, ID#1276462	Governor CA	2,500.00	9/22/2005
WESTLY FOR GOVERNOR, ID#1276462	Governor CA	19,800.00	9/28/2005

[calcowgirl]

Yep. He's not the only one. The Kleiner Perkins folks have been funding lots of initiatives like this. Taxpayers pockets are apparently easier to pick than succeeding in legitimate investment.

And the good "Republican" Khosla is now supporting Westly for Governor. (See post #10)