Chevron Exec Explains California Gas Price Hikes and Refinery Issues

California Gas Prices and Supply Issues

• ⛽ Current gas prices in LA County are near $4.50 a gallon, significantly higher than the national average of $3.14.
• ⚠️ Experts warn that prices could spike further, with some forecasts suggesting $8 a gallon, due to refinery closures.

Refinery Closures and Their Impact

• 🏭 Two major California refineries are set to close: Phillips 66 in Wilmington by the end of the year and Valero in the East Bay by the end of 2026.
• 📉 These closures will remove approximately 20% of the state's refining capacity, directly impacting supply and theoretically increasing prices.

Chevron's Perspective on Energy Policy

• ⚖️ Chevron's president, Andy Walz, argues that California policymakers have prioritized politics over sound energy policy, leading to less supply than demand.
• 🚢 This situation could increase reliance on overseas supply, which is less reliable and more expensive.
• ⚠️ Walz states that California is playing a "dangerous game" with its refineries, putting reliable supply at risk.

Chevron's Commitment to California

• 📍 Despite challenges, Chevron has no plans to close its refinery in El Segundo and has been in California for over 140 years.
• 🤝 Chevron is actively engaging with regulators and lawmakers to advocate for policies that support reliable energy suppliers and encourage investment.
• 🗣️ Walz urges for real action and policy changes from Sacramento, not just talk, to ensure Chevron's continued investment in California refineries.

Message to California Voters

• 💡 Reliable and affordable energy is often taken for granted and requires supportive policies.
• 📈 Companies like Chevron need policies that encourage investment to maintain operations and supply in California.