Another California Gift to Texas

null By The Editorial BoardJan. 2, 2024 6:37 pm ETJournal Editorial Report: Edward Lawrence interviews economic strategist Jason Trennert. Images: Getty Images/Bloomberg News Composite: Mark KellyCongratulations to California Gov. Gavin Newsom, who is succeeding at his goal of driving away fossil fuel investment and jobs, even while failing to reduce global CO2 emissions. See Chevron’s announcement Tuesday that it is writing down its upstream assets in the Golden State owing to “continuing regulatory challenges.” Chevron’s write-down acknowledges what the company has been telling California lawmakers for some time: Their energy policies are making the state uninvestable. These include the state cap-and-trade program, low-carbon fuel standard, penalty on “excessive” refiner margins, and a 2022 law limiting new drilling within 3,200 feet of homes and schools.Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Sponsored OffersAvis: Holiday Doub

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The Editorial Board

Jan. 2, 2024 6:37 pm ET

Journal Editorial Report: Edward Lawrence interviews economic strategist Jason Trennert. Images: Getty Images/Bloomberg News Composite: Mark Kelly

Congratulations to California Gov. Gavin Newsom, who is succeeding at his goal of driving away fossil fuel investment and jobs, even while failing to reduce global CO2 emissions. See Chevron’s announcement Tuesday that it is writing down its upstream assets in the Golden State owing to “continuing regulatory challenges.”

Chevron’s write-down acknowledges what the company has been telling California lawmakers for some time: Their energy policies are making the state uninvestable. These include the state cap-and-trade program, low-carbon fuel standard, penalty on “excessive” refiner margins, and a 2022 law limiting new drilling within 3,200 feet of homes and schools.