Chevron Warns of California's Risky Climate Policy Game

Chevron warns that California's climate policies risk causing gasoline price spikes and shortages, with the state's tough low-carbon fuel standards encouraging refineries to convert from petroleum to renewable diesel, reducing gasoline supply and pushing up prices. Governor Gavin Newsom's office blames oil companies for price spikes, while Chevron denies allegations of price gouging and argues it should not be punished for meeting consumer demand for transportation fuels. The state's push for renewable fuels has led to refinery conversions and an 11% reduction in California's refining capacity over the past decade, raising concerns about potential reliability problems and the state's reliance on imported fuel in case of supply disruptions.