Posted 1/4/2024, 5:45:29 PM
Chevron Warns California Climate Policies Could Prompt $4 Billion Charge, Deter Further Investment
- Chevron says California regulations may hurt its business in the state, expecting $3.5-4 billion in charges in Q4 2023
- The announcement follows Newsom approving legislation in March 2023 to improve oversight of "Big Oil"
- The law aimed to establish an entity to address price gouging and authorize penalties
- A Chevron executive said the penalties may raise gas prices and further deter investment
- A Newsom spokesperson said oil companies aren't even using all the drilling permits issued in California