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The lead backers, Valero Energy and Tesoro, which own four California refineries, say the regulations will cost the state more than 1.1m jobs, raise electricity rates up to 60 per cent and result in $3.7bn more in higher gasoline and diesel prices. They say the big losers are Californians.
The refiners had backed Proposition 23, a measure on the ballot that would have delayed implementation of carbon regulations until the state’s unemployment rate falls to 5.5 per cent and stays that way for a year. The unemployment rate is at 12.4 per cent.
So BP will restore its dividend next year, it seems, but at a significantly lower level than what it used to pay. For a highly cash-generative company which is currently in the process of divesting many of its growth assets, is this a good idea?
The answer, from the City at least, is a resounding yes.
- Room for optimism at BP – FT Lex
- Partners have yet to pay for oil spill – The Times (£)
- Statoil net income rises to $2.36bn – Bloomberg
- California climate law survives poll challenge – Reuters
- BG finds a third more oil in Brazil – The Telegraph
- Landlords face fines for energy inefficiency – The Guardian