Chevron Executive Warns of California's Risky Climate Policies

Chevron's refining division head warns that California's policies discouraging petroleum production, such as low-carbon fuel standards and proposals to establish maximum refining margins, are driving up gasoline prices for consumers and making it difficult for the company to justify growth projects at its California refineries. The state's push for renewable fuels has led to a significant reduction in refining capacity, raising concerns about potential reliability issues in the future.