The bill would require a 2/3 vote, in principle possible if all Democrats voted for it. However, the governor has said he opposes new taxes without a vote of the people and it is not clear all Democrats would vote for it (or want to oppose the governor). Apart from his vote-of-the-people approach to taxes, the governor probably would not favor a general allocation with no more specific direction.
Bottom line: Don't hold your breath.
The bill's text is at:
Just a little bit of history. California was once home to an oil boom as the film "There Will Be Blood" depicted.
And southern California was home to the major Julian oil stock/fraud scandal in the 1920s:
http://articles.latimes.com/2003/mar/16/local/me-then16 The state is still a significant oil producer and might increase its production, depending on how receptive it is to the controversial fracking technology. At some point, if that happens, the issue of obtaining oil revenue for the state will come to the fore.