The Editorial Board urges readers to vote yes on Prop 87. The measure, if passed, would impose a tax on oil production in California. The revenues generated by this tax will be used to fund the development of alternative energy technologies, thus decreasing our dependence on oil, accelerating the adoption of cleaner technologies and improving the environment.

Prop 87 has set an ambitious goal to reduce the use of petroleum in California by 25 percent within 10 years. Of the $4 billion in revenues generated by the proposed tax, 26.75 percent will be reserved for grants to California universities to improve economic viability and accelerate the commercialization of renewable-energy and energy-efficient technologies. Such grants will help spur the technological innovations and breakthroughs required for a wide-scale adoption of alternative energy.

The measure also offers incentives for consumers and state and local governments to buy alternative-energy vehicles — including flex fuel, hybrid and electric cars — that emit less pollution; $600 million of the revenues generated by the tax will be used to replace pre-1987 diesel school buses. By promoting alternative-energy sources, Prop 87 will help reduce our dependence on oil imported from politically unstable regions.

Prop 87 will also help alleviate environmental and health problems — which are especially serious in California. According to a recent report released by the National Environmental Trust, Los Angeles-area infants will have inhaled enough toxic pollutants to reach the U.S. Environmental Protection Agency’s (EPA) lifetime limit for cancer risk by the time they are two months old. By their first birthday, these children will be more than six times over the limit. Clearly, this is a problem that the state needs to address now, and Prop 87 provides a strong stepping stone for a reform of oil use not only in California, but nationwide.

As expected, some of the proposition’s main opponents are oil companies, which are pouring millions into ad campaigns to defeat the measure. Chevron, based in San Ramon, Calif., has estimated that if Prop 87 is passed, the company will take a pre-tax hit of $200 million a year. But to put this number into perspective, Chevron recorded a profit of $5.02 billion in just the last three months, according to a recent report published in The Wall Street Journal. All other energy companies that released their financial reports in the last few weeks also show record-breaking profits.

A more serious concern held by many voters is that the proposition would result in an increase in California’s gas prices, which are already among the nation’s highest. However, the California State Attorney General has confirmed that Prop 87 makes it illegal for oil companies to pass new costs onto consumers by raising gas prices. While it is difficult to enforce this provision, other economic factors might limit the extent to which consumers bear the burden of the tax. Because the prices of crude oil and petroleum are decided by supply and demand on a global level, California oil producers will not be able to demand a higher price from refineries without losing a significant amount of business. If producers do increase prices, it is likely that refineries will choose to buy oil from out-of-state producers who are not affected by the new tax. This consideration makes it likely that if there is an increase in the price of oil, it will not be significant.

The Board feels that these cost concerns are outweighed by the overwhelmingly positive consequences that can be expected from Prop 87. By injecting $4 billion into alternative energy research, California can lead the nation and the world in the effort to reclaim a clean and healthy atmosphere.