Bill > AB353

This bill would amend the existing law that established the Oil Trust Fund in the State Treasury. The key provisions of the bill are: 1) It would delete the existing $300 million cap on the total amount that can be deposited in the Oil Trust Fund, allowing more funds to be added to the continuously appropriated account. 2) The bill requires the Controller to transfer $2 million or 50% of remaining oil revenue (whichever is less) to the Oil Trust Fund on a monthly basis starting in January 2023. 3) The money in the Oil Trust Fund is appropriated to the State Lands Commission to finance the costs of well abandonment, pipeline removal, facility removal, remediation, and other costs associated with removing oil and gas facilities from the Long Beach tidelands. Overall, the bill aims to increase the funding available in the Oil Trust Fund to cover the expenses related to decommissioning oil and gas infrastructure in the Long Beach area.

Agriculture and Natural Resources, Budget and Finance

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202120220AB353