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Profile: World Oil Corporation
World Oil Corporation was a participant or observer in the following events:
Protesters in Los Angeles demonstrate against Proposition 23 outside a Tesoro refinery in Wilmington, California. [Source: Los Angeles Times]The liberal news Web site AlterNet shows that a very small number of wealthy, influential donors are driving campaign efforts to pass Proposition 23, a California ballot initiative that would suspend state legislation designed to help reduce carbon emissions and hold polluters accountable. The legislation, AB 32, is already in effect, and requires California to decrease global warming emissions to 1990 levels by 2020, beginning in 2012. Prop 23, as it is called, would suspend AB 32 until the state’s unemployment rate drops below 5.5 percent for four consecutive quarters. Currently unemployment in California is around 12 percent. AlterNet provides data showing that AB 32 will actually create jobs developing “clean” technologies and energies, an industry sometimes called “green tech.” Venture capitalist Vinod Khosla recently said: “AB 32 created markets. Prop. 23 will kill the market and the single largest source of job growth in California in the last two years.” The funding for the advertising and other political activities pushing Prop 23 comes from two primary sources: Texas oil giant Valero Energy Corporation and Tesoro Corporation. Both companies have refineries in California that make them two of the state’s biggest polluters. The two oil companies are aided by large donations from the Koch brothers, who own oil conglomerate Koch Industries (see 1977-Present, 1979-1980, 1981-2010, 1984 and After, May 6, 2006, April 15, 2009, May 29, 2009, December 6, 2009, November 2009, July 3-4, 2010, August 28, 2010, August 30, 2010, and September 24, 2010). Valero has spent $5 million to bolster Prop 23 and Tesoro has spent $2 million. Flint Hill Resources, a Koch Industries subsidiary, has spent $1 million. Marathon Petroleum has spent $500,000, as has the conservative Adam Smith Foundation of Missouri. Occidental Petroleum has spent $300,000; Tower Energy Group, $200,000; CVR Energy, $150,000; and about $100,000 each has been spent by the Howard Jarvis Taxpayers Association, the National Petrochemical and Refiners Association, and World Oil Corporation. Of the $10.6 million raised so far to push Proposition 23, only 30 percent of it comes from inside California. In contrast, opponents to Proposition 23 have raised $30.6 million to defeat it, with 70 percent of that money coming from inside California. Jorge Madrid of Climate Progress recently warned: “If we allow Prop 23 to succeed, big oil refineries in the state could continue to spew greenhouse gases without strict regulation. Even worse, a victory for big oil in California could mean certain death for greenhouse gas regulation for the rest of the nation.” [AlterNet, 10/30/2010; Los Angeles Times, 11/2/2010] Prop 23 will lose by a 61-39 margin, with analysts noting that the anti-proposition forces gained ground by pointing out the support for the proposition coming primarily from Texas oil interests. Even many of California’s largest oil companies either stayed neutral or opposed the initiative. The anti-proposition forces were fueled primarily by financiers such as San Francisco hedge fund manager Tom Steyer, the National Wildlife Federation and the ClimateWorks Foundation, and green-tech moguls such as Khosla and John Doerr. Governor Arnold Schwarzenegger (R-CA) stumped in opposition to the initiative, attacking the “self-serving greed” of Valero and Tesoro. The Environmental Defense Fund’s Fred Krupp says of the defeat: “It is the largest public referendum in history on climate and clean energy policy. Almost 10 million Californians got a chance to vote and sent a clear message that they want a clean energy future. And this was in an economic downturn. There has never been anything this big. It is going to send a signal to other parts of the country and beyond.” [Los Angeles Times, 11/2/2010]
Entity Tags: Fred Krupp, David Koch, World Oil Corporation, Charles Koch, CVR Energy, Arnold Schwarzenegger, Valero Energy Corporation, Adam Smith Foundation, AlterNet (.org), Tower Energy Group, Vinod Khosla, Tesoro Corporation, Marathon Petroleum, National Petrochemical and Refiners Association, Koch Industries, Howard Jarvis Taxpayers Association, Jorge Madrid, National Wildlife Federation, Proposition 23 (California), ClimateWorks Foundation, Tom Steyer, Occidental Petroleum
Timeline Tags: Civil Liberties
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