Like any major policy initiative, the state’s climate change offensive will producers winners, although, in the short run, at least, many more losers. For one thing, the fixation on carbon-free energy has led to much higher electricity prices, 43.5 percent above the national average in December 2014 according to the U.S. Energy Information Agency. This is bad news for industries that need electricity, and is one reason why many manufacturers go elsewhere.

It’s not too great for commuters, either. As of May 12, California’s average cost per gallon of regular unleaded gasoline was $3.73, the highest in the country – including even Hawaii and Alaska – and more than a dollar higher than the national average, $2.66. Gas prices on average are still about 21 percent lower than a year ago in the U.S., but 11 percent lower in California.

The state’s climate policy, particularly in its new, more militant form, also is likely to reduce California’s job creation. Although enjoying a brief resurgence, California employment has consistently underperformed other states over the longer term.