- Pending California carbon regulations could make it too expensive to operate refineries in the state, raising gasoline prices and costing thousands of jobs, a senior Chevron (CVX) executive says.
- CVX is especially opposed to a part of the bill that starting next year would require all California distributors of transportation fuels to purchase carbon permits to cover emissions from automobiles, a cost the Boston Consulting Group estimates could exceed $3.7B.
- Carbon permits currently cost ~$12/metric ton in California, which if the regulation was in effect on transportation fuels would translate to a ~$0.12/gallon increase.
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