Money & Politics | Daily Report

Photo by Allan Ferguson

Valero Energy Corp. has given hundreds of thousands of dollars in additional contributions to a November ballot initiative that would suspend California’s global warming law until unemployment falls significantly.

Valero, a Texas-based oil company, has been the largest contributor to the campaign, donating more than $500,000 since February. This month, in filings with the secretary of state's office, the California Jobs Initiative acknowledged two more contributions from Valero totaling $550,000, bringing the company's total contributions to the campaign to more than $1 million.

The California Jobs Initiative would suspend the Global Warming Solutions Act of 2006, California's landmark global warming law, until unemployment reaches 5.5 percent. Currently, California’s unemployment rate is 12.3 percent.

Teroso Petroleum Corp., an oil company based in Long Beach, contributed a $150,000 loan to the campaign this month as well, making it the second largest contributor behind Valero with $600,000 contributed thus far.

Oil companies have primarily funded the initiative, contributing $2,338,000 or 75 percent of the total contributions the proposed measure has received.

The initiative may set a record for collecting the most money prior to being officially placed on the state ballot. In total, it has received more than $3 million in contributions. Other large contributions from non-oil companies include $100,000 from the Howard Jarvis Taxpayers Association and a $498,000 contribution from a little-known Missouri-based tax group, the Adam Smith foundation.

In total, $1.7 million in contributions are from out of state, with most of the money coming from Texas-based Valero.

Valero owns two refineries in California and around 80 company-owned gas stations. It also supports around 800 other stations that carry its brand and employs around 1,500 people with a payroll in excess of $20 million.

Bill Day, a spokesman for Valero, said the company supports the initiative because it is concerned that the state's global warming regulations would be too much for California’s faltering economy to bear.

“Valero has proudly supported the California Jobs Initiative because we feel it is the best way for Californians to express their opinions on whether a repressive cap and trade regime should be implemented during an economic slowdown,” Day said.

Critics have attacked Valero’s involvement in the campaign.

Steve Maviglio, spokesman for California for Clean Energy and Jobs, which is leading a campaign against the California Jobs Initiative, called the measure a “special-interest bailout for oil companies.”

“I think California voters are going to be smart enough to see through this deceptive campaign for what it is,” Maviglio said.