To Tax or Not to Tax Big Oil?

California is the third largest oil producing state in the country, but the only one without an oil "severance" tax, a tax when oil is pumped out of the ground or "severed" from the Earth. Early this year, Arnold Schwarzenegger wanted to join fellow Republican Governors Sarah Palin of Alaska and Rick Perry of Texas by imposing an oil severance tax, but the idea went nowhere. We hear more from Antonia Juhasz, author of The Tyranny of Oil: The World's Most Powerful Industry and What We Must Do to Stop It, and LA Times business columnist Michael Hiltzik.