Fuel, energy prices raise the pressure as California officials take next steps on climate [Los Angeles Times (CA)]
Phillips 66 (PSX)
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Source: Los Angeles Times
The reauthorized program aims to tighten emissions caps and is seen as key to California's climate goals. Some of the legislators who supported its extension now say the plan could hit consumers and key energy sectors harder than expected. As California regulators prepare for a massive update of the state's signature climate program , they face mounting pushback from lawmakers and oil industry groups who warn it could drive up already-high energy costs. Lawmakers voted last year to reauthorize the cap-and-invest program — formerly known as cap-and-trade — through 2045. The program progressively lowers the amount of greenhouse gas emissions allowed in the state, and lets emitters buy and sell unused pollution credits, or allowances. It is key to California's climate strategy and generates billions in revenue for the state each year. Although the program was always designed to ratchet down on emitters, some legislators who supported the extension say the draft unveiled by the C
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