| The oil industry makes significant fiscal contributions to California’s state and local governments, including $21.6 billion in state and local tax revenues and $11 billion in sales tax, $7 billion in property taxes, $1 billion in income taxes and $96 million in Department of Conservation’s Geologic Energy Management Division (CalGem) assessments. California produces between 250,000 and 300,000 oil barrels daily, helping the United States avoid importing oil. |
California’s state legislature is determined to eliminate fossil fuel as soon as possible, with oil at the top of the list. This goal is shared by the Governor and Attorney General, along with leadership and staff at every one of the many state agencies that collectively regulate the industry. But even if this goal is necessary and desirable, which is debatable, the methods being employed to achieve it are flawed.
To begin with, and this can’t be repeated often enough, California still depends on petroleum for 50 percent of its total energy, and natural gas for another 30 percent. Dependence on gasoline is proving difficult to reduce, as California’s EV sales are leveling off, with 2024 likely to show no growth over 2023. And even after years of dramatic year-over-year sales growth, EVs still comprise less than 5 percent of California’s total registered vehicles.
It’s possible that at the present level of price and performance, most of the consumers who want to purchase EVs have already done so. It’s also not clear that we will have achieved adequate generating, charging, and transmission infrastructure by the time the percentage of EVs on the road doubles or triples, much less becomes the majority of vehicles.
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El plan Milei, basado en recortes de gasto, desregulación y atracción de inversión internacional, está sorprendiendo a los mercados. Aunque la economía real sigue sufriendo con intensidad esta política (es el coste de corto plazo), la economía financiera está despertando con más intensidad de lo esperado. El último dato que ha impulsado el precio de los bonos argentinos en los mercados fue el de inflación. El IPC publicado el pasado viernes arrojó que la inflación mensual en Argentina ha caído por fin por debajo del 4%, lo que fue acogido con gran entusiasmo entre los inversores.
