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Newsom Hits The Gas

 California Governor Gavin Newsom has shifted his position on oil refineries, moving from a critical stance to a more supportive one as he prepares for a potential presidential run in 2028.

• Recently, Newsom advocated for allowing oil refineries to operate profitably, contrasting his earlier comments about preventing high profits from Big Oil. Last summer, he criticized refiners for making excessive profits and implemented measures to curb them.

• Following Newsom's legislation aimed at limiting profits, Phillips 66 announced the closure of its Los Angeles refinery complex, leading to concerns about a diminishing number of refineries in California. This closure will be the fourth since 2020, leaving only around a dozen refineries to produce the state's unique gasoline blend.

• In a recent letter to energy regulators, Newsom urged them to support refiners and ensure they see value in their services as demand for fossil fuels declines.

• Valero’s CEO remarked on the strict regulatory environment in California, which has resulted from two decades of policies aimed at reducing reliance on fossil fuels.

• The reduction of oil refineries could severely impact California’s economy, causing job losses, increased gasoline prices, and decreased tax revenue.

• California lacks pipeline connections to other regions, making it heavily dependent on its own refineries for oil supply. Any state takeover of these facilities may not solve the underlying problems.

Governor Newsom's recent actions indicate a shift towards supporting oil refineries in California, driven by economic considerations and his political aspirations. If the current regulatory climate continues, it could lead to serious consequences for the state’s economy and energy supply.

https://issuesinsights.com/2025/04/29/newsom-hits-the-gas/

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