Oil Company Protest
Petroleum Pipeline sign. A crowd of local residents and high school students march to, and protest in front of the Tesoro Oil refinery headquarters in Wilmington, California near Long Beach. Texas oil giants Tesoro Corp. and Valero Energy Inc. launched and financed a ballot initiative for this November's election to suspend AB 32, the landmark state law signed by Governor Schwarzenegger in 2006 that requires that the state's greenhouse gas emissions be reduced to 1990 levels by 2020, a roughly 25% reduction. Tesoro and Valero claim that AB 32 will cost California jobs and are calling their measure the "California jobs Initiative". If passed it will suspend AB 32 until unemployment falls below 5.5% for at least a year, it is currently at 12%. Opponents of the initiative claim that in fact AB 32 will create new Green jobs, and Gov. Schwarzenegger has said that "This initiative sponsored by greedy Texas oil companies would cripple California's fastest-growing economic sector, reverse our renewable energy policy and decimate our environmental progress for the benefit of these oil companies' profit margins."