Chevron warns of economic collapse in California under Gavin Newsom in doomsday letter

[rangerrebew]

Chevron warns of economic collapse in California under Gavin Newsom in doomsday letter
By Anthony Blair
Published March 4, 2026, 8:42 p.m. ET
 
California will face economic collapse under Gov. Gavin Newsom’s “misguided” climate policy — with crippling job losses and sky-high gas prices, Chevron warned in a doomsday letter to the lefty governor on Wednesday.

The oil giant’s bleak outlook in the letter to Newsom and the California Air Resources Board (CARB) came amid calls to block proposed amendments to the Cap-and-Invest program, which places a strict limit on greenhouse emissions that decreases each year.
 
Chevron argues that the carbon-cutting program will “cripple the survivability” of the state’s remaining refineries, with devastating effects on the Golden State and its residents.

https://nypost.com/2026/03/04/us-news/california-gas-prices-face-crippling-state-economy-chevron-president/

[MeganC]

Chevron needs to cease operations in the People's Republic of California.

[DefiantMassRINO]

Chevron,

Cut your losses.  Shut down the refinery and convert it to a solar or wind farm.

Refine fuels in places that will allow you to refine there.

The economic collapse of California is Sacramento's problem, not Chevron shareholders' problem.

The $h!theads in Sacramento believe Big Government is a magic wizard that can instantiate anything - housing, gasoline, electricity - on demand.

Kalifornia has eschewed free market Capitalism.  Let 'em wallow in, yet, another cesspool of failed Socialist nonsense.  It's up to the People of Kalifornia to vote with ballots or vote with their feet.

You can't fix stupid.

[Cyber Liberty]

Chevron needs to cease operations in the People's Republic of California.

Valero has already vaminos....

[MeganC]

Valero has already vaminos....

Yep. California used to have twenty-three refineries and now it only has twelve of which one, Valero Benicia, will close before the end of June.

[IsailedawayfromFR]

Chevron,

Cut your losses.  Shut down the refinery and convert it to a solar or wind farm.

Refine fuels in places that will allow you to refine there.

The economic collapse of California is Sacramento's problem, not Chevron shareholders' problem.

The $h!theads in Sacramento believe Big Government is a magic wizard that can instantiate anything - housing, gasoline, electricity - on demand.

Kalifornia has eschewed free market Capitalism.  Let 'em wallow in, yet, another cesspool of failed Socialist nonsense.  It's up to the People of Kalifornia to vote with ballots or vote with their feet.

You can't fix stupid.

If the refinery is shut down, the state can demand it be declared abandoned and environmentally cleaned up.

The cleanup could cause Chevron's insolvency.

Years ago I worked corporately on shutting down a refinery that was losing money without hope of every being profitable.

It was decided to keep it running as abandonment costs were so high, the overall PV was less to keep it running.

Recent refinery sales have caused the acquirer to receive money from the purchaser in order to cover the liability.

[Smokin Joe]

Yep. California used to have twenty-three refineries and now it only has twelve of which one, Valero Benicia, will close before the end of June.

California was the second largest oil producer, only behind Texas. North Dakota passed it in 2012 (California was on the way down, ND, up) only to be superseded by New Mexico's Permian Basin development and drop (post COVID) to third place.
California is presently seventh, behind Colorado, Alaska, and Oklahoma, too.

[MeganC]

California was the second largest oil producer, only behind Texas. North Dakota passed it in 2012 (California was on the way down, ND, up) only to be superseded by New Mexico's Permian Basin development and drop (post COVID) to third place.
California is presently seventh, behind Colorado, Alaska, and Oklahoma, too.

California has plenty of oil, too. In parts of California (Northern, Central, and Southern) the oil actually seeps from the ground and is easily accessible only if people are allowed to access it.