Big oil chief goes after Silicon Valley
Chevron's CEO knocked Silicon Valley's approach to energy, saying tech firms need too much government intervention.
He singled out the Renewable Fuel Standard, the federal biofuels mandate, and the Low-Carbon Fuel Standard (LCFS) in California as "failures of policy." Watson, whose company has refineries in California, also attacked the state's cap-and-trade program for greenhouse gases.
Why it matters: Chevron's criticism of Silicon Valley shows that while big oil companies like to promote their own alternative energy research, they oppose energy technology policies that layer requirements on the kinds of fuels they can deliver nationally or in the huge California market.