California may lose two more refineries, would have to rely on gas from abroad

(The Center Square) - Short on the heels of another major refinery closure, Valero signaled it is considering closing its two California refineries that produce over 14% of the state’s gasoline. Refinery closures already have the state importing 8% of its gasoline supply, which means the state could soon have to significantly increase its imports of refined products such as gasoline, on top of its existing reliance on the Middle East and South America for the majority of its crude oil.

Valero announced its profit is down significantly due to very low margins from its refinery business, prompting a question during its earning call about its costly California refineries.

While Riggs did not explicitly state that the refineries, which represent over 14% of the state’s remaining refinery capacity, could be shut down, California legislators were quick to ring the alarm bell and tie the potential closures to new refinery regulation powers being granted to the state in a special legislative session called by the governor.

"When California Governor Gavin Newsom said in 2021 he didn’t see a future for oil in CA, I didn’t know 2024 would be the year he ended it at lightning speed,” said State Assemblymember Joe Patterson, R-Rocklin, on X. “Today, another refiner said “all options are on table” with refineries here. We can thank Newsom’s legislation.”

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California may lose two more refineries, would have to rely on gas from abroad

Valero announced its profit is down significantly due to very low margins from its refinery business, prompting a question during its earning call about its costly California refineries.

justthenews.com

 

[1LoverofGod]

This governor has to go. He's destroyed California.
To think California was once the fourth largest economy in the World! It used to be called Paradise. Now?

 

[Ghoti Ichthus]

California will likely start buying more from refineries in other states, driving everyone's prices up
I hope the refineries in the other states say NO

 

[1LoverofGod]

California will likely start buying more from refineries in other states, driving everyone's prices up
I hope the refineries in the other states say NO

California has written up a bill to add another carbon tax on our gas. But they're not going to put it into law until After the election that will raise our gas prices by another $1.00 per gallon just in tax. I wonder why they're waiting until after the election? Hmmm

 

[Ghoti Ichthus]

"I see long parades of vehicles going to Nevada, Arizona, and Oregon for gas"

No divination required to see this and the increased carbon monoxide and smog in the border areas


California's higher tax may both reduce revenue and increase pollution

 

[1LoverofGod]

"I see long parades of vehicles going to Nevada, Arizona, and Oregon for gas"

No divination required to see this and the increased carbon monoxide and smog in the border areas


California's higher tax may both reduce revenue and increase pollution

I can see a mass Exodus again of residents and businesses.

 

[Ghoti Ichthus]

I can see a mass Exodus again of residents and businesses.

Minnesota's so deep, dark blue that we don't need any, thank you very much

 

[1LoverofGod]

Minnesota's so deep, dark blue that we don't need any, thank you very much

They usually head to Texas or Florida

 

[Ghoti Ichthus]

They usually head to Texas or Florida

We need a "whew!" reaction

 

[1LoverofGod]

This governor has to go. He's destroyed California.
To think California was once the fourth largest economy in the World! It used to be called Paradise. Now?

I don't know if California reached being fourth GDP in the world but last I heard it was on its way. But for sure the State of California was the Fifth highest world economy. That's impressive for California to outdo big countries in the ranks of economy. But now.... it's close to ranking alongside a third world country

Here's a story about it...

California Poised to Become World’s 4th Biggest Economy​

ICYMI: California Poised to Become World’s 4th Biggest Economy | Governor of California

SACRAMENTO – According to Bloomberg, California is poised to overtake Germany as the world’s 4th largest economy, continuing to outperform the nation and other countries in GDP growth, companies’…

www.gov.ca.gov

 

[AnyMinute]

I don't know if California reached being fourth GDP in the world but last I heard it was on its way. But for sure the State of California was the Fifth highest world economy. That's impressive for California to outdo big countries in the ranks of economy. But now.... it's close to ranking alongside a third world country

Here's a story about it...

California Poised to Become World’s 4th Biggest Economy​

ICYMI: California Poised to Become World’s 4th Biggest Economy | Governor of California

SACRAMENTO – According to Bloomberg, California is poised to overtake Germany as the world’s 4th largest economy, continuing to outperform the nation and other countries in GDP growth, companies’…

www.gov.ca.gov

I've read that California's annual GDP is around $4 trillion.
What/who is one of the most dangerous imo is Blackrock, now managing investments of over
$11.5 trillion. Almost 3 times the size of the California economy.
They yield a lot of power on the world stage.

https://www.morningstar.com/news/marketwatch/20241011219/blackrocks-assets-hit-record-high-of-115-trillion

 

[Eric Nicholas]

They usually head to Texas or Florida

Poor Texas and Florida.

 

[Andy C]

California will likely start buying more from refineries in other states, driving everyone's prices up
I hope the refineries in the other states say NO

Prices are high now in CA. Yesterday, I filled up my wife's car which takes premium gas, 5.01 a gallon.

 

[1LoverofGod]

I've read that California's annual GDP is around $4 trillion.
What/who is one of the most dangerous imo is Blackrock, now managing investments of over
$11.5 trillion. Almost 3 times the size of the California economy.
They yield a lot of power on the world stage.

https://www.morningstar.com/news/marketwatch/20241011219/blackrocks-assets-hit-record-high-of-115-trillion

There are many wealthy people and big businesses in California, though many have left the state over the past few years. Hollywood is a money making business. Silicone Valley is a major money making business, and there are several other examples that could be used for how so much money has been made in California. However, along with the Exodus of many wealthy people and businesses those who paid big tax are gone. As a sanctuary state California has taken millions of migrants and many come from poor countries and end up on public assistance in California, the homeless population has sky rocketed and they are on public assistance.
The state has lost a lot of tax revenue with the big taxed wealthy leaving the state. Newsom is so bad he tried to force the businesses who moved out of state to pay a tax for leaving, really.
So what's happened is California went from a $1000 billion dollar surplus to a $76 billion dollar deficit. Our state doesn't have money to spend, and is like the federal government that has no money to spend with a $50+ trillion dollars deficit, But like the federal government does, California's Sacramento acts like there's money there to spend when there's none and keep spending into the deficit.
When I say California is along side with third world countries it's how the homeless encampments leave trash everywhere piled up high in different piles and nobody takes it away. Some areas, mostly in the more wealthy cities it's not so bad but even San Francisco had to form a special unit just for cleaning human waste off public sidewalks. It's horrible.

Anyway here's a link about the California deficit

After A $100 Billion Surplus, California Now Faces A $73 Billion Budget Deficit

Last month, California’s Legislative Analyst’s Office, or LAO, which is the nonpartisan state department that advises California’s policymakers on the state’s fiscal issues, increased their estimate for the state’s 2024–25 budget deficit to $73 billion.

www.hoover.org

 

[Ghoti Ichthus]

and when the Feds bail out California, they'll use money from other states