California Gov. Gavin Newsom and top lawmakers announced a climate and energy deal that extends the state’s cap-and-trade program through 2045, rebrands it as “cap and invest,” and includes measures aimed at boosting domestic oil production in an effort to stabilize fuel prices amid economic pressures.
The agreement, announced on Sept. 10, comes as the Democratic-controlled Legislature wraps up its session, facing a $12 billion budget deficit and rising consumer costs for electricity and gasoline. It aims to secure ongoing revenue for the states’ environmental goals while addressing threats of refinery closures and job losses in the oil sector.
