Fox News and Valero explain California's potential cap and trade costs

This week, Fox News tried to explain what California cap-and-trade costs might look like in an attempt to predict what a national program would cost.  Valero energy indicated that California's program would force them to pay $7 billion annually -- an amount they simply can't absorb and must pass on to consumers.

CARB Chairwoman is also on record in the Fox News piece saying that "we expect there will either be a modest cost or a savings".  This just weeks after CARB's own cap and trade proposal conservatively predicted $143 billion in costs by 2020.