In this May 18, 2021, file photo, homes sit on a hill behind pumpjacks operating at the Inglewood Oil Field in Los Angeles.
“We’re looking at this with the attention that I think it deserves,” he said. But, he added, “we won’t be taking urgent action to simply change things.” Some lawmakers wanted the air board to eliminate all unused allowances, requiring companies to start fresh rather than relying on cheaper allowances they bought in the past. But that didn't happen. Instead, the state said any allowances that don't sell for 24 months will be removed from the auction pool.
“Waiting until the middle of the 2020s could make it more difficult for the state to make adjustments in time to meet its 2030 goals," warned Ross Brown of the Legislative Analyst's Office, which advises lawmakers on fiscal and policy issues.