California has been experiencing some game changers this week. A recent report shows that California farms are having trouble producing due to drought, forcing grocers to buy elsewhere. BitCoin becomes the legal currency of the future, allowing California business to accept more cash alternatives. After a major hurdle, California’s Low Carbon Rule survives longer, and will soon bring refineries under it’s jurisdiction. Here’s what’s going on in business news this week.
California Drought Sends Business to Oregon
It’s been a hot, dry summer here so far in California, and it doesn’t look like it’s going to get better any time soon. As a result, the Central Valley farms are having trouble keeping up with produce demand, which is beginning to affect the stock at grocers nation wide. Buyers have been turned towards the Pacific Northwest, who maintains full reservoirs and the climate necessary to provide most of the produce that the country will need in a relatively short time span. Read more on the Albany Democrat-Herald.
Bitcoin Legalized in California
Governor Jerry Brown signed in to law a bill that legalizes digital currency – including BitCoin, Amazon Coins, and Starbucks Stars – as legitimate cash alternatives for California to take advantage of. In a world buzzing about the effects this sort of currency could have on the economy, this is a major boon to business owners in California. The ability to accept BitCoin and others changes the way that we can do business. Read more on Fox Business News.
California Low-Carbon Rule Survives Big Legal Challenge
California’s 2007 Low-Carbon Fuel Standard, one of the central bits of California’s fight against pollution, had a major oppositional door closed this week. The U.S. Supreme Court declined to hear a lawsuit brought by oil producers and out-of-state farm groups. The law wants to limit the amount of pollution produced in the entire process of fuel, from refinement to final automotive usage. Oil companies claim it will cost them too much money to comply, and the out-of-state farm groups (who represent farmers that grow corn for ethanol) claim that it gives a constitutionally unfair advantage to competitors within the California borders. Be they right or wrong, they’ll be seeking a new way to fight this bill that, for now, will stand. Read more on The Sacramento Bee.
That’s it for this week! Let us know your thoughts on the news in the comments section. We’ll see you here next week for more small business news.