San Ramon-based Chevron is leading an aggressive campaign to delay implementation of California’s Low Carbon Fuel Standard, a cornerstone of the state’s efforts to reduce greenhouse gas emissions.
The fuel standard requires the oil industry to gradually reduce the “carbon intensity” of transportation fuels like diesel and gasoline by at least 10 percent by 2020. Chevron and its allies, including the Western States Petroleum Association, are trying to undermine the standard by rallying opposition, financing critical studies and lobbying the Democratic-controlled Legislature, state agencies and Gov. Jerry Brown.
Valero Energy Corp. reported net income of $1 billion, or $1.82 per share, on revenues of $34.7 billion during the fourth quarter of 2012.
This compares to net income of $45 million, or eight cents per share, during the prior-year quarter. Revenues were up 0.1 percent. The company was able to improve its financial performance due to a significant improvement in refining margins.
California businesses and the public at large are beginning to reap the substantial rewards of our state’s landmark clean air and energy policies. Unfortunately, this progress is in significant jeopardy thanks to the oil industry and other dirty energy companies that continue to do everything possible to undermine these laws. It is important to remember the long history of these efforts by looking at the facts – and that means treading over some familiar turf.