UPDATED 10:22 P.M. Polls are reporting 49 percent of votes to support Measure O; 51 percent votes for no.

Fourty-nine percent of Los Angeles voters want to establish a 1.8 percent tax per barrel of crude oil.

But 51 percent oppose Measure O, which would put a $1.44 tax on crude oil drilled within the city limits.

Several neighborhood cities, such as Beverly Hills, Seal Beach, and Long Beach, hold similar taxes, but not they are not as high.

If Measure O passes, the tax would generate approximately $4 million revenue per year, which will help the city’s budget deficit of $400 million in the current and next fiscal year.

Proponents say the revenue will prevent negative impact of oil on the environment and discourage drilling in the city.

However, a group called “Stop the L.A. Oil Tax, No on Prop O” contends the tax will affect small production facilities rather than the big oil companies.

Members from the committee also noted that taxes on city-drilled oil are already high.

“California gas is already the high taxes in the nation, topping out at nearly 50 percent higher than the national average,” according to the group.

Councilwoman Janice Hahn first proposed the tax idea last year then recalled her support, when she became the only council member who defended the measure.

But March 4, Hahn once again reversed her position on Measure O, stating that she supports it now.

Council members Jan Perry, Bernard Parks and Paul Koretz defended Measure O, saying it will “give Los Angeles residents their fair share.”

Currently, there are 55 known oil fields in L.A.