California Eases Carbon Market Costs for Oil Refiners

California has become the latest Democrat-led state to retreat on climate goals amid affordability concerns as regulators Friday revamped its carbon market to ease costs to the oil industry.

The California Air Resources Board (CARB) voted to give up as much as $4 billion worth of free allowances to oil refiners and other industrial polluters to help them comply with greenhouse gas limits imposed by the state’s 13-year-old carbon market, called Cap-and-Invest.

Economists and environmentalists said the change may lead to higher emissions and lower prices on the carbon market, which is key to meeting a state mandate to achieve carbon neutrality ...