California’s Global Warming Solutions Act 2006 (aka AB 32), which brought $10 billion in clean energy investment to the state, could be repealed by Proposition 23 in the upcoming November 2 elections. AB 32 requires that by 2020 the state’s greenhouse gas emissions be brought down to 1990 levels – a roughly 25% reduction. Proposition 23 aims to suspend the law until the states unemployment rate falls below 5.5% for four consecutive quarters. California’s unemployment rate current floats around 12%.
Texas based oil companies Valero and Tesoro spearheaded Proposition 23. Both companies have racked up hundreds of violations of state and local health and air pollution laws in California including the illegal dumping of hydrogen sulfide, carbon monoxide, sulfur dioxide, and nitrogen oxide into the atmosphere. Valero has thrown more than 4 million dollars into the Prop 23 campaign and Tesoro has invested over 1.5 million. The rest of the major donor list for the Yes on Prop 23 campaign reads like a Who’s Who of the oil industry.
The supporters of Prop 23 argue that energy...Read Full Article on Celsias