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Chevron Warns: California's Climate Policy Risks Economic Collapse

3/5/2026

49 8 Full Breakdown

Summary

Story summary

Chevron warns that California Governor Gavin Newsom's climate policy could trigger economic collapse, job losses, and higher gas prices, and Chevron urges policymakers to revise the regulation.
Chevron President Andy Walz states in a letter that the Cap-and-Invest program threatens refineries and could cause significant job losses.
The program adds $0.24 per gallon.
California prices average $4.736 per gallon, while the national average is $3.198.

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Story summary

Chevron warns that California Governor Gavin Newsom's climate policy could trigger economic collapse, job losses, and higher gas prices, and Chevron urges policymakers to revise the regulation.
Chevron President Andy Walz states in a letter that the Cap-and-Invest program threatens refineries and could cause significant job losses.
The program adds $0.24 per gallon.
California prices average $4.736 per gallon, while the national average is $3.198.