VICA

NEW: Chevron sent a letter to Gov. @GavinNewsom @CAgovernor and leaders of the legislature, CA Air Resources Board, and CA Energy Commission, expressing concerns over CA @AirResources Board’s proposed Cap-and-Invest regulation, arguing it could significantly increase costs on refiners in California. In short, Cap-and-Invest is a climate policy that sets a limit (CAP) on the total pollution allowed in the state. It basically forces large polluters to pay for their emissions, with the money generated going toward clean energy and community projects (INVEST). Supporters say the program is crucial to protect the environment, reduce pollution, and work toward a sustainable future. But oil and energy companies are concerned the program’s new proposed regulations will increase costs on refiners and hurt the state’s energy economy. In the letter, Andy Walz, Chevron’s president of downstream, midstream, and chemicals wrote “the proposed regulation will cripple the survivability of the state’s remaining refineries.” In previous one-on-one interviews I conducted with Walz, he expressed concerns about the future of oil companies in California. He concludes the letter, warning the proposed regulation “will cause irreversible harm to California’s economy and energy security and broader vital American interests.” Reaching out to CA Governor’s for a response.