We heard plenty about the results of some of the various races and ballot measures around the country over the past couple of days. However, there was one ballot proposal in California that didn't get much attention outside of the state but might be of interest around these parts. Proposition 10 would have provided for the sale of $5 billion in bonds that would be used to invest in renewable energy projects in the state along with consumer incentives for alternative energy vehicles. With the interest that would have to be paid on those bonds the total cost to California taxpayers would have been nearly $10 billion.
It would have cost that much if the proposal passed. However, more than 60 percent of California voters cast their ballots to reject prop 10. It turns out the proposition was proposed and largely funded by one T. Boone Pickens who not surprisingly stood reap huge rewards if it passed. Pickens and his allies spent over $23 million on their campaign while opponents spent only $170,000. Opponents revealed that much of the money from the proposal would be used to pay for natural gas conversions for vehicles, part of the "Pickens Plan" that the billionaire has been promoting for months.

[Sources: The Auto Channel, California Progress Report]


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