A game-changing bill to hold fossil fuel giants accountable for climate damage stalled in the Legislature this summer, apparently blocked largely by oil interests like WSPA (Western States Petroleum Association).
Senate Bill 1497, known as the Polluters Pay Climate Cost Recovery Act, aimed to make companies pay their fair share for the havoc wreaked by their products. Right now, fossil fuel companies rake in the profits from the burning of coal, oil and methane gas. Big oil is making record profits. One 2023 report suggested about $172,813,000,000 in profits in one year alone. At the same time, Big Oil has been accused of gouging consumers at the pump and contributing the damage from global warming in California related to rising sea levels, rampaging wildfires, floods, and deadly heat waves. Californians are suffering. Wildfires alone cost the state about $20 billion in 2020, for instance. Governor Newsom said he’d be holding Big Oil accountable.
Despite these promises, SB 1497 failed to make it to a floor vote by May 24, a critical deadline this term. Big Oil continues to profit, and California residents remain stuck with the check.