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The Mayoral Candidate and the Oil Lease

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The first round of the LA mayoral election draws near so it's time to start dragging the last of the skeletons out of the closet: turns out candidate Eric Garcetti co-owns a retail property in Beverly Hills and in 1998 he and several others signed a 20-year lease for rights to any oil under the property (it'd be slant-drilled from the rig at Beverly Hills High School). Garcetti makes a buck and a quarter every year off the deal and Beverly Hills has banned any oil drilling after 2016 anyway. [LAT, image via]