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RE: LeoThread 2025-11-11 01-10

in LeoFinance9 days ago

Part 2/12:

For more than 25 years, California has essentially told the oil industry to leave. Laws, regulations, and taxes aimed at reducing fossil fuel reliance have driven many companies out of the state. Regulatory measures such as margin caps, windfall profits taxes, and increased permitting hurdles have steadily squeezed the industry. The result has been a steady decline in refining capacity, with the number of refineries shrinking from 40 in the 1980s to just 13 today. This regulatory environment has effectively made California dependent on foreign oil—primarily from the Middle East—bringing in a significant portion of its gasoline via environmentally burdensome shipping containers.

Recent Political Shifts and the Oil Industry’s Response