When voters hit the polls yesterday in Alaska they had a major tax proposal on their ballots. 66% of voters opted to vote against the proposed $1 billion annual tax proposal against oil companies working to develop a pipeline from the state's North Slope to Midwestern markets.

This comes as good news to ExxonMobil Corp (NYSE: XOM), BP p.l.c (NYSE: BP) and ConocoPhillips (NYSE: COP) that could have been looking at a 50% increase in project costs should the tax bill have passed yesterday. The total bill on the pipeline project has been estimated at $25 Billion and had this tax measure had passed, there would have been some serious questions as to whether the major oil companies would be willing to consider planning or future development for the project. For now, it appears clear that the people of Alaska are behind the pipeline and want the oil companies to continue to move ahead.

Shares of all three stocks are up in today's market. ExxonMobil has traded up 1.3% to $73.49 and set a new 52 week high earlier in the session at $73.55. BP is up 1.7% to $68.68 and COP has traded up 2.1% to $62.29.