Chevron exec sees Calif. emissions law affecting fuel, power prices

10/30/2011 | CNBC

California's cap-and-trade program for reducing greenhouse-gas emissions is expected to raise fuel and power costs, said Mike Wirth, executive vice president of downstream and chemicals at Chevron. Under the program, oil refineries will be required to purchase permits to emit greenhouse gases. "In a state where the economy is challenged, where employment is challenged and with a fiscal situation that is unsustainable, I think the effects here are predictable. We're on a policy path in California that I think is going to need to be addressed by policymakers over time," Wirth said.

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