Pacific Coast Oil Trust (NYSE:ROYT) units of beneficial interest have declined by over 40% during the past twelve months and currently yield in excess of 15%. The obvious reason for the decline is the Healthy Air and Water Initiative to Ban Fracking (otherwise known as Measure P) that will be on the Santa Barbara County ballot for the November 4th election. The stated purpose of the initiative is to ban fracking and to prevent future development of the rumored 10,000 new oil wells in the county. Based on extensive research, we believe that the most likely outcome is that Measure P fails.
Opponents of Measure P do not want to simply make Measure P a referendum...
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