Oil Drilling is a Bad Deal for Hermosa Beach
75% of Oil Revenue Cannot be Spent
State law prohibits Hermosa Beach from spending 75% of the proposed oil revenue on city services and infrastructure, police and fire, under grounding of utilities, education, salaries and benefits.
Hermosa Beach Property Values Could Drop Significantly
Hermosa homeowners could lose tens of millions of dollars in property values if we allow oil drilling on March 3rd. Lower property values also reduce revenue for city services and public safety.
Only 20 Cents per Barrel of Oil
There’s no guarantee schools will receive anything more than mineral rights and 20 cents per barrel of oil – that is less than 1% of our school’s annual budget.
Dropping Oil Prices = Less Oil Revenue
Dropping oil prices will only lower oil revenue for Hermosa Beach. But, the dangerous and unhealthy affects of oil drilling will not be reduced. This deal is not worth the risk.
Hermosa Beach is Financially Strong!
“The city of Hermosa Beach has a budget surplus and has never been threatened by bankruptcy. We can afford to pay the settlement and keep oil drilling out of our community. We have nearly half the money already set aside. We don’t need to become an oil company town to pay our bills or fund our city services.”
– Hermosa Beach Mayor Peter Tucker