OAKLAND, California — The Northern California city of Richmond on Wednesday accepted a deal with Chevron to drop a tax on oil refining from the November ballot.
What happened: The Richmond City Council voted unanimously to approve a $550 million settlement from Chevron in exchange for dropping an initiative that would tax the oil and gas giant $1 per barrel of oil processed at its Richmond refinery, the third-largest in the state.
Council members credited the organizers behind the initiative but argued the deal secured a short-term win that would allow them to get money into the community sooner.
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“We need to put this money to work now,” said Councilmember Doria Robinson. “There is so much to be done.”
