Today's Video Headlines: 03/05/26
Texas rep. drops out of runoff race for reelection — day after admitting to affair with ex-aide who fatally set herself on fire California ’s war on carbon could blow back at the pump — and wipe out the state’s oil business entirely, a Andy Walz, who heads the company’s downstream, midstream and chemicals division, says a looming vote by the California Air Resources Board could pile billions in new costs onto California ’s war on carbon could blow back at the pump — and wipe out the state’s oil business entirely, a top Chevron executive is warning.
Andy Walz, who heads the company’s downstream, midstream and chemicals division, says a looming vote by the California Air Resources Board could pile billions in new costs onto in-state fuel producers — potentially driving refineries out of California for good., which forces companies labeled as major polluters to curb carbon emissions or buy credits from the state to keep operating. The money helps bankroll state initiatives, including the Last summer, lawmakers and Gov. Gavin Newsom extended the program another 20 years, and regulators are now pushing to tighten the screws even further.Walz says that could saddle California refiners with billions in new expenses — while foreign fuel imports dodge the hit. “That makes no sense when you look at global tensions right now,” he warned, pointing to instability in the Middle East and the threat of wider conflict involving Iran.Two California refineries have already shut down recently, and about 70% of the state’s oil supply is now imported from overseas. Meanwhile, roughly 90% of cars in the state still run on gasoline, according to state data. Walz says the policy could send gas prices soaring more than $1 per gallon by 2030 and trigger major job losses.Walz says the policy could send gas prices soaring more than $1 per gallon by 2030 and trigger major job losses.“I am extremely worried,” he said. “I think we have an emergency in the state of California.” He even floated the possibility of federal involvement, noting California hosts 32 U.S. military bases that rely heavily on fuel supplies. “It’s important to national security to have the fuel those facilities need,” Walz said. “This isn’t just a California issue.”In a statement, the Air Resources Board said the program remains “the most cost-effective way” to hit California’s climate targets. Spokeswoman Lindsay Buckley said the proposed changes could deliver $180.7 billion in statewide benefits over 20 years. Public comments on the plan are open through March 9, with regulators expected to formally unveil the proposal in late May — setting up what could become one of the biggest energy showdowns in California in years.The two moments at Kristi Noem’s Congressional hearings that got her fired as secretary of Homeland Security2026 GLAAD Media Awards red carpet: Cara Delevingne, Camila Mendes, Lili Reinhart and moreRikki SchlottCalifornia’s war on carbon could blow back at the pump — and wipe out the state’s oil business entirely, a top Chevron executive is warning.Andy Walz, who heads the company’s downstream, midstream and chemicals division, says a looming vote by the California Air Resources Board could pile billions in new costs onto in-state fuel producers — potentially driving refineries out of California for good.Walz says the policy could send gas prices soaring more than $1 per gallon by 2030 and trigger major job losses.
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