IER: First Casualty of Newsom's New Refinery Fuel Requirement

[From the brilliant analysts and pros at the Institute for Energy Research]

Key Takeaways

1 A new California law forcing refiners to build and maintain government-dictated inventories of product has resulted in the announced closure of a large refinery in Los Angeles, which will leave Californians with less fuel.

2 Californians are already paying about 50% more for gasoline than the rest of the country, and this requirement will exacerbate matters for California drivers.

3 Governor Newsom’s campaign against oil and gas has contributed to a 35% reduction in California’s oil production since he took office, even as other parts of the United States have reached record-breaking production.