"The proposed regulation will cripple the survivability of the state's remaining refineries, which will result in California losing the entire industry to this misguided program. This regulation will increase transportation and aviation fuel prices for consumers. It will risk significant job losses, including many high-paying union jobs, while reducing funding for essential public services."
"Chevron said the oil and gas industry supports more than 530,000 jobs across the Golden State alone, and contributes approximately $64 billion each year in state, local, and federal tax revenues that help fund education, healthcare, and essential infrastructure."
"California's Cap-and-Invest program limits aggregate greenhouse gas emissions from major polluters, which account for roughly 80% of the Golden State's pollution. It requires the companies to buy allowances for each ton of carbon dioxide emitted. Each year, fewer allowances are created."
Chevron issued a warning letter to Governor Newsom and the California Air Resources Board opposing proposed amendments to the Cap-and-Invest program, which limits greenhouse gas emissions from major polluters accounting for 80% of the state's pollution. The oil company argues the regulation will cripple refinery operations, forcing the industry out of California entirely. Chevron projects the policy will increase transportation and aviation fuel prices, cause significant job losses including union positions, reduce public service funding, and destabilize California's fuel market. The company emphasizes the oil and gas industry supports over 530,000 jobs and generates approximately $64 billion annually in tax revenues funding education, healthcare, and infrastructure. The Cap-and-Invest program requires companies to purchase allowances for carbon emissions, with fewer allowances created annually, generating revenue for climate initiatives.
Read at California Post
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