Chevron’s warning to Gavin Newsomand the California Air Resources Board (CARB) must be taken seriously.
The energy company — which is moving its headquarters from California to Texas — warned that new regulations under the “Cap-and-Invest” program wouldpush gas prices upin the state by a dollar per gallon.
Californiaalready pays$1.56 more per gallon than the rest of the nation, on average. The new regulations would drive our costs even higher.
Moreover, Chevron warned that the new regulations would threaten thefew oil refineries we have left, and endanger half a million jobs in the local oil and gas industry.
As such, the company says that the regulations would cause “lasting and irreversible harm to California’s economy and energy security and broader vital American interests.”
“Cap-and-Invest” started out as “Cap-and-Trade.” The idea was launched in the 1990s, when the world started debating what to do about climate change (or “global warming,” as it was called then).
The European countries, with their state-centered economic policies, wanted governments to dictate the level of greenhouse gas emissions by controlling how much fuel people used.
The American proposal — championed by the market-friendly Clinton administration — was to cap the overall level of emissions, and then trade fuel permits.
Get the perfect blend of news, sports and entertainment delivered to your inbox every day.
That way, energy would be used by the most efficient consumers.
Source: California Post – Breaking California News, Photos & Videos
