Part 7/15:
Adding to the housing affordability problem are skyrocketing energy prices, driven by California’s restrictive environmental policies. The state is seeing a trend of refineries closing, with major operators like Chevron contemplating leaving altogether due to the high costs of operation, regulatory hurdles, and uncertain future pipelines. The impending closure of two refineries threatens to cut California’s gasoline supply by an estimated 20%, likely causing fuel prices to surge further and supply reliability to decline.