Gavin Newsom’s Climate Tax Hike

His regulators are cutting allowances for his tax-and-cap policy

WSJ editorial. Excerpts:

"California’s cap-and-tax policy requires refiners and manufacturers to reduce their CO2 emissions . . .[and] caused manufacturers to shift operations out of the state and raised gasoline prices by an estimated 24 cents a gallon."

"Chevron warned Tuesday that CARB’s (California Air Resources Board) plan (to slash the supply of allowances) could add $1.21 a gallon to California gas prices, which are currently $1.54 higher than the national average."

"plan would cost in-state refineries $5.5 billion to $9 billion over the next decade and “eliminate a significant portion, if not all, of California refiners’ future annual net earnings.”"