Chevron warns of economic collapse in California under Gavin Newsom in doomsday letter

California will face economic collapse under Gov.Gavin Newsom’s “misguided” climate policy — with crippling job losses and sky-high gas prices, Chevron warned in a doomsday letter to the lefty governor on Wednesday.

The oil giant’s bleak outlook in the letter to Newsom and the California Air Resources Board (CARB) came amid calls to block proposed amendments to the Cap-and-Invest program, which places a strict limit on greenhouse emissions that decreases each year.Chevron argues that the carbon-cutting program will “cripple the survivability” of the state’s remaining refineries, with devastating effects on the Golden State and its residents.“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,” read the letter from Chevron President Andy Walz, obtained by the California Globe.“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.It will upend California’s fuels market and threaten critical energy and national security assets,” the letter from Chevron continued.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.Revenue from the program funds climate-friendly initiatives, such as public transport projects and public health projects, according to CARB.Similar pilo...