An Alaska ballot measure to repeal a 2013 oil tax law that drastically cut the amount major oil companies in the state appeared headed for defeat. The referendum was losing by a 52.2% to 47.8% margin, with all but six of the state’s 441 precincts reporting results by Wednesday morning, but it was still too close to call, according to the Associated Press. The No on One campaign opposed the measure to revive oil tax policies enacted under former Gov. Sarah Palin . The state’s Republican and business establishments waged a $15 million campaign—funded in large part by three oil companies—to defeat the question. Willis Lyford, a spokesman for the No on One campaign, said he expected that the results would hold and the measure be defeated once all the votes were counted. Outspent by more than 15-to-1, supporters of the ballot question wanted to revert to the old […]