Chevron Corporation (NYSE:CVX) has voiced concerns over the proposed changes to California’s Cap-and-Invest program, saying that the amendments could potentially disrupt energy stability and employment in the region.
The California Air Resources Board (CARB) proposed new restrictions on greenhouse gas emissions for local businesses earlier this year.
Chevron warns that these changes could pose “serious risks” to the state’s economy and energy security. On Monday, the company issued a letter to policymakers, particularly Governor Gavin Newsom, to reconsider the proposal and support a strategy that protects California’s economic and energy future.
Having operated in California for over a century, Chevron fears that the proposed regulation could devastate the state’s remaining refineries, leading to the collapse of the entire industry. The company anticipates higher transportation and aviation fuel prices for consumers, substantial job losses, and decreased funding for critical public services.
Chevron also pointed out that an increasingly hostile policy environment has already led to recent refinery closures and a nearly 18% reduction in the state’s refining capacity.
Emissions Rules Spark Chevron Concerns
Cap-and-Invest Program, formerly Cap-and-Trade, is a central part of California’s strategy to reduce greenhouse gas emissions.The concerns raised by Chevron …Full story available on Benzinga.com
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