{"id":66621,"date":"2024-01-29T06:04:10","date_gmt":"2024-01-29T11:04:10","guid":{"rendered":"https:\/\/olduvai.ca\/?p=66621"},"modified":"2024-01-29T06:04:10","modified_gmt":"2024-01-29T11:04:10","slug":"dangerous-game-chevron-warns-california-that-anti-petrol-policies-could-result-in-gas-price-spikes-shortages","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=66621","title":{"rendered":"“Dangerous Game”: Chevron Warns California That Anti-Petrol Policies Could Result In Gas Price Spikes, Shortages"},"content":{"rendered":"
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“Dangerous Game”: Chevron Warns California That Anti-Petrol Policies Could Result In Gas Price Spikes, Shortages<\/h3>\n<\/header>\n
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Chevron is warning the state of California that its climate policies have consequences: namely, that the price of gas is going to continue to rise.<\/p>\n

Calling the state’s policies a “dangerous game”,\u00a0it was reported by Bloomberg<\/a>\u00a0this week that Chevron is warning the state of potential gasoline price spikes and shortages as a result of policies that discourage petrol production.<\/p>\n

In the last quarter of 2023, drivers in California faced an average gasoline price of $4.94 per gallon, surpassing the national average by approximately $1.72, marking the highest recorded quarterly difference, as per Bloomberg’s compiled\u00a0data<\/a>.<\/p>\n

Head of Chevron’s U.S. refining, Andy Walz, said this week that the spike is partly attributed to California’s stringent low-carbon fuel regulations, which prompt refineries to shift from petroleum to renewable diesel production. This transition is curbing gasoline availability and causing prices to rise, he told\u00a0Bloomberg<\/a>.<\/p>\n

\u201cThey knew it was going to happen when they wrote the legislation.<\/strong>\u00a0The problem is the consumer is starting to realize it. It\u2019s becoming painful. The way politicians dealt with it was \u2018let\u2019s blame the oil companies,\u201d Walz said.<\/p>\n

\"\"<\/picture><\/a><\/p>\n

But – as expected – Governor Gavin Newsom’s office responded with a vague statement blaming oil producers that was barely one brain cell above throwing paint on the Mona Lisa:\u00a0\u201cBig Oil has been ripping off consumers for decades and lying to protect their profits.\u201d<\/p>\n

And so, the adversarial tone naturally drives producers from the state: \u201cIf they cap the upside when conditions are good it\u2019s going to make it really challenging to want to put our money there. I cannot compete internally for big capital investments. It doesn\u2019t stack up. I\u2019d rather spend money at our refinery in Mississippi,\u201d Walz said.<\/p>\n

As the report notes, Chevron’s relationship with California has become increasingly strained, with stringent regulations leading to a $4 billion asset write-down, mostly in the state.<\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

“Dangerous Game”: Chevron Warns California That Anti-Petrol Policies Could Result In Gas Price Spikes, Shortages Chevron is warning the state of California that its climate policies have consequences: namely, that the price of gas is going to continue to rise. Calling the state’s policies a “dangerous game”,\u00a0it was reported by Bloomberg\u00a0this week that Chevron is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,4],"tags":[101,129,3378,13351,4053,4318],"class_list":["post-66621","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-environment","tag-california","tag-chevron","tag-gasoline","tag-price-inflation","tag-shortages","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/66621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=66621"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/66621\/revisions"}],"predecessor-version":[{"id":66622,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/66621\/revisions\/66622"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=66621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=66621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=66621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}