Why Chevron Is Fleeing California.

Chevron, an oil company that has been in California for over 140 years, is moving to Texas due to the state's anti-Chevron policies. These policies include a low-carbon fuel standard, cap-and-trade fees, drilling restrictions, and a penalty on refinery margins. The war on the industry has caused a significant decline in production and the closure of several refineries, leading to high gasoline prices. The California Energy Commission is considering state control of the refining industry, but there are concerns about the state's ability to manage it effectively. The commission also suggests regulating oil refiners like electric utilities and requiring them to subsidize electric vehicles, despite the high electricity rates in California. In response to refinery shutdowns, the commission proposes hiring a trading company to increase imports and owning tankers compliant with the U.S. Jones Act. Overall, California's regulators' desire to take over the industry is causing Chevron to relocate. [Extracted from the article]