'DISASTROUS POLICY': Chevron president UNLOADS on Newsom's regulations

Oil Prices and Market Conditions - Oil prices have recently surpassed $100 a barrel for the first time since 2022, currently stabilizing around $95 [1] - Chevron's president indicates uncertainty in predicting future oil prices, emphasizing the need to monitor military actions in the region [2][3] California's Energy Policy and Economic Impact - Chevron's leadership has expressed concerns over California's climate policies, warning of potential economic collapse and energy security issues [4] - The company believes that current regulations could lead to the elimination of all refining operations in California, increasing reliance on imports from countries like Korea, India, and China [5][6] - Gasoline prices in California have reached an average of $5.20 per gallon, with projections suggesting they could rise to $6 or $7 due to proposed tax increases [6][7] - The imposition of additional taxes and regulations is seen as detrimental to both the industry and consumers, particularly affecting those who can least afford it [7][8] Infrastructure and Long-term Consequences - Chevron warns that the closure of refineries in California represents irreversible decisions that will have lasting impacts on energy availability and costs [8][9] - The company highlights ongoing refinery shutdowns, including one by Valero and another by Philip 66, as evidence of disastrous policy decisions [9][10] - Discussions with the California Air Resources Board indicate that the new policies are primarily viewed as a tax burden on consumers, complicating business operations in the state [11][12]