Chevron has cautioned that proposed changes to California’s Cap-and-Trade program may increase gasoline prices by more than $1 per gallon by 2030. The company also indicated that the policy could put hundreds of thousands of jobs at risk and lead to greater dependence on foreign oil.
Earlier, Assemblymember Greg Wallis (R-Bermuda Dunes) asked the Legislative Analyst’s Office (LAO), which serves as the state Legislature’s independent fiscal watchdog, to assess whether these changes might raise costs for families and small businesses in California. In September, Wallis sent a letter requesting an affordability analysis of AB 1207. He asked analysts to look into how the proposal could affect household energy bills, transportation expenses, and small business operations before any legislative action was taken.
However, the LAO said it was unable to finish its analysis before lawmakers proceeded with the policy.
“California families are already struggling with the high cost of living,” said Assemblymember Wallis. “That is why I asked for an independent affordability review. Before Sacramento adopts major energy policies, lawmakers owe the public a clear understanding of what those decisions will cost the people who are already feeling the squeeze.”
California continues to have some of the highest gasoline prices in the United States. Industry analysts note that reduced refining capacity and further regulations could contribute to more volatile fuel prices.
Wallis stated that Chevron’s recent warning emphasizes why lawmakers should examine how significant energy policies impact affordability.
According to his official biography, Wallis is involved in community activities such as coaching young golfers and supporting youth organizations. He focuses on making California affordable, safe, and vibrant through support for education, public safety, and essential services. Wallis also serves on committees including Budget and Economic Development; he represents constituents in the Coachella Valley area. Additionally, he supports policies aimed at improving water storage, energy reliability, and career preparation for youth. Wallis participates in bipartisan efforts like the Problem Solvers Caucus to prioritize public interests over partisan divides.
