“The measure, launched six months ago by Texas oil giants Valero Energy Inc. and Tesoro Corp., comes as the industry has fallen under intense scrutiny in the wake of the Gulf of Mexico oil spill disaster.”
“Under California’s law, known as AB 32, the state is setting limits on greenhouse gas emissions from automobiles, oil refineries and other industries, and will probably require that a third of the state’s electricity come from renewable sources by 2020, up from about 15% today. New rules under the law would encourage sales of more fuel-efficient cars.”
“Supporters of the law say it has spurred a large market for solar, wind and other clean energy sources.”
“But backers of the ballot effort, who are calling their measure «the California Jobs Initiative paint the climate law as «an energy tax.» Their initiative would halt enforcement of the law until unemployment in the state, now over 12%, sinks to 5.5% for at least a year.”
With oil gushing into the Gulf of Mexico, dirty energy companies are showing an unprecedented level of hubris to believe voters should support them at the polls.