Global warming is one of the main concerns of nations worldwide. California governor Arnold Schwarzenegger signed in 2006 the Global Warming Solutions Acts. This act implies the reduction of greenhouse gases by 25% in California. Recently, several energy companies and refineries are standing against the Global Warming Solutions Acts and are spending millions of dollars to support proposition 23. it is an overall refineries campaign to support proposition 23 which demands the suspension of the California environmental law. Refineries such as Tesoro Corp and Valero spent 4.5 million dollars of financial support of proposition 23.
For thousands of people this is an issue of ethics, numerous environmentalists and clean energy companies gathered to oppose proposition 23. However, environmentalists are dominated by the Oil industry regarding contributions matching large companies such as Royal Dutch Shell. On the other hand, other large oil companies took the corporate social responsibility initiate and remained neutral, companies such as Exxon, BP and Chevron.
focusing on the consumers effect, the Global Warming Solutions Act also known as AB 32 if implemented would negatively effect the consumer. AB 32 requires the reduction of Green House gases emitted, this reduces the economic activity of such refineries and this will escalate the price of oil. both camps decided to meet in an economic summit in order to finally decide whether AB 32 is going to be implemented according to votes.
In my opinion, I find it an extremely controversial issue. the implementation of the Environmental Law would definitely effect the economic status of the united states which is already vulnerable. on the other hand, the environment is already in jeopardy. If AB 32 was overruled, this would make things worse and contribute negatively towards the environment and global warming.
http://online.wsj.com/article/SB10001424052748704394704575495902377602556.html?mod=WSJ_Energy_leftHeadlines
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