The oil company (E&B Natural Resources) continues to downplay the well-documented health, safety and environmental risks of drilling in Hermosa Beach, while making exaggerated claims of money for the city and schools.
E&B Natural Resources says Hermosa Beach will get millions for city services. They don’t tell you that state law prohibits the city from using nearly 80% of revenues derived from the offshore tidelands for police, fire, undergrounding utilities, street repairs or increases in salaries and benefits.
They also say millions will go to our schools, but there’s no guarantee the schools will receive anything more than mineral rights and 20 cents per barrel of oil, less than 1% of our school’s annual budget. Everything else is speculation based on E&B Natural Resources’s estimates and assumptions, which they cannot guarantee.
E&B Natural Resources favorably cites oil drilling in other cities; yet, they ignore oil spills, unhealthy odors and collapsing rigs in nearby Huntington Beach and the fact that Beverly Hills banned oil drilling in 2011 due to health concerns. They also fail to mention that property values in Hermosa Beach could drop by tens of millions of dollars if oil drilling is approved.
Hermosa Beach is financially sound. We can afford to reject E&B Natural Resources’s bad deal and continue to fully fund city services without raising taxes.
Any conceivable financial benefit to the city or its schools can be wiped out by just one blowout, oil spill, fire or explosion.
Let’s not gamble with our future. Vote NO on Measure O.