California is considering a plan to grant billions of dollars in free emission permits to oil refineries and industrial polluters. The proposal aims to prevent refinery closures and stabilize gas prices by rewarding companies that commit to clean energy investments. Critics and economists warn that this move could weaken the state's cap-and-invest program and significantly reduce the revenue used to fund climate and housing initiatives. The debate highlights the struggle to balance aggressive decarbonization targets with immediate energy affordability.
