One of the most high profile bills in the legislative session that resumes next week just got pushed into the center of the spotlight. AB 69, the measure to delay applying cap-and-trade regulations to transportation fuels, drew the attention of hedge fund billionaire Tom Steyer who pledged “to spend what it takes” to see that the greenhouse gases reduction law is implemented according to schedule.
If AB 69 does not move forward, beginning in January, the cap-and-trade provisions of AB 32, the California Global Warming Solutions Act, will cover motor vehicle fuels. Estimates range from a 15-cent to 70-cent increase in the cost of a gallon of gas if vehicle fuels are included.
Steyer’s move puts him at odds with some California Democrats who are concerned that their constituents and the economy will suffer with increased fuel costs.