SAN FRANCISCO (Dow Jones)--A California ballot measure that would suspend the state's climate law was failing early Wednesday after most ballots had been counted.
The measure, called Proposition 23, was rejected by 61.4% of the voters, compared to 38.6% who voted in favor, after 95% of election precincts reported, according to the California Secretary of State's office.
Proposition 23, backed by oil refiners Valero Corp. (VLO) and Tesoro Corp. (TSO), both of San Antonio, Texas, and other heavy industry, would suspend California's 2006 climate.
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