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These Seven Firms Bear $3 Billion Brunt of California Cap-and-Trade

  • Oil industry bill for cap-and-trade may reach $3 billion: BI
  • Climate-change rules add about 12 cents a gallon to pump price
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The bill from battling climate change is just about due in California, and for some oil companies that do business in the state, it’s in the nine figures.

The Golden State’s biggest fuel suppliers, led by Tesoro Corp. and Chevron Corp., face the biggest costs under California’s carbon cap-and-trade system, among expenses that may top $3 billion a year for the whole industry, according to a Bloomberg Intelligence report released Tuesday.