Commentary
Back in March, Capital & Main ran a really biased headline, “Will California’s Fossil Fuel Industry Use the Ukraine War to Undermine Oil and Gas Legislation?” Subhead, “Three bills may fall victim to a new push for more oil drilling.” Let’s look at those bills today, three months later, and with gas prices now surpassing $7 a gallon in many areas of the Golden State.
Senate Bill 1173 is by state Sen. Lena Gonzalez (D-Long Beach). It would prohibit “the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) from making additional or new investments or renewing existing investments in the 200 largest fossil fuel companies.” It passed the Senate on May 25. Currently, it’s in the Assembly Committee on the Judiciary and the Committee on Public Employment and Retirement….