You probably don’t need me to tell you that California is quite a large state. But despite being known for its ambitious renewable goals, the reality is that fossil fuels still account for a huge part of its energy consumption.
According to Governor Brown, the chart above is going to change radically over the next two decades. His goal is to reduce fossil fuel by 50% by 2030.
It is important to CA government officials that this is taken seriously.
At the “Beyond Oil” Summit held last week, CA Senate President pro Tempore, Kevin de Leon, said, “California is committed to addressing the threat of climate change and protecting public health. That starts with finding cleaner and more sustainable ways to fuel our economy.”
Considering California’s size, it only makes sense that the state tries to clean up a bit. Not only will it cost them less in the future, but it would also reduce pollution considerably.
The summit addressed many things, including how to curb oil production and exports, the threat to cities of transporting crude oil by rail, urban oil drilling, and hydraulic fracturing.
Of course, the bigger issue is how to overcome the oil industry’s considerable influence on politics. Big Oil spent more than $6 million during the first half of 2015 lobbying California legislators and state officials. Chevron ponied up $1.5 million to help craft state laws during the same period.
So have we finally seen the turning point here? After all, cutting energy consumption from fossil fuel in half is a rather lofty goal. Remember, California is the third largest state in oil refining capacity, as well as the third largest oil producer, with output averaging 544,000 barrels per day in July, 2015.
And while the summit may have been a start, the real question is whether those same politicians that had a “unique opportunity to exchange ideas and create tangible action items” will actually follow through this time.
To continue reading…
Until next time,
A true insider in the technology and energy markets, Keith’s research has helped everyday investors capitalize from the rapid adoption of new technology trends and energy transitions. Keith connects with hundreds of thousands of readers as the Managing Editor of Energy & Capital, as well as the investment director of Angel Publishing’s Energy Investor and Technology and Opportunity.
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