Bloomberg: Billionaire environmentalist Tom Steyer is lobbying for a new law in California that would force energy companies to share as much as $2 billion of the states oil wealth with residents.
The proceeds would come from an extraction tax -- fees producers would pay on their crude oil output. Similar taxes already exist in most major drilling states such as Texas and North Dakota, with California a longtime holdout.
The tax might be used to pay a dividend directly to California residents, such...