Chevron warns Newsom California regulations risk 500K jobs and gas price hikes
Fox Business • • business
Key Points:
- Chevron has warned California Governor Gavin Newsom and state regulators that proposed "cap-and-invest" amendments could lead to the closure of the state's remaining refineries, risking over half a million jobs and increasing gas prices by more than $1 per gallon by 2030.
- The California Air Resources Board (CARB) aims to reduce pollution by cutting 118.3 million allowances from the market between 2027 and 2030 and targeting a 90% carbon reduction by 2045, which Chevron argues will harm the state's fuel market and energy security.
- Chevron President Andy Walz emphasized that refinery closures would threaten national security by reducing fuel supply resilience on the West Coast and could disproportionately impact lower-income households already burdened by California's high
