Gavin Newsom LASHES OUT IN PANIC Over Gas Companies FLEEING California As Green New Scam BACKFIRES!
Quick Read
Summary
Takeaways
- ❖California's 'Green New Scam' policies are blamed for the closure of two oil refineries, reducing in-state fuel production by 20%.
- ❖The state's dependence on foreign fuel imports has reached approximately 40% of its gasoline consumption.
- ❖Governor Newsom is criticized for attributing rising gas prices to global conflicts and former President Trump, rather than state policies.
- ❖Experts warned California legislators that without imports, gas prices could have reached $8-10 per gallon.
- ❖Texas is experiencing a significant energy boom, attracting oil and gas companies and investing billions in infrastructure.
- ❖Texas is projected to double its liquefied natural gas (LNG) export capacity by 2031, becoming a global energy hub.
- ❖The energy industry in Texas is creating thousands of high-paying jobs and generating substantial tax revenue for local economies.
Insights
1California's Self-Inflicted Energy Vulnerability
California's 'Green New Scam' policies have led to the closure of two major oil refineries (e.g., Philip 66 in LA, Valero in Benicia), eliminating 20% of the state's refined fuel capacity. This forces California to import nearly 40% of its gasoline, making it highly susceptible to global market volatility and geopolitical events.
The state is relying mostly on fuel from other countries. Experts have told us a global conflict would be problematic for the state's oil and gas supply. Refineries are evacuating, they're fleeing California because they can't operate due to the green new scam policies. About 40% of the gasoline that we're consuming right now today is imported from foreign countries.
2Newsom Blames Trump for Policy-Driven Energy Crisis
Governor Gavin Newsom is accused of deflecting blame for California's escalating gas prices and energy crisis by attributing them to former President Trump's actions and global conflicts. The host argues that the crisis is a direct result of Newsom's own 'Green New Scam' policies that have driven refineries out of the state.
Gavin Newsome is pointing the finger at Trump, blaming Trump for the disaster that he created. The woke California governor Gavin Newsome is blaming Trump for the energy crisis that California is going to face due to the volatility in the oil markets. That wasn't Trump. That was you, Gavin Newsome. You're the one thanks to your green new scam policies that made these oil refineries leave.
3Texas's Energy Boom and Economic Prosperity
In stark contrast to California, Texas has embraced fossil fuel production, leading to a massive energy boom. The state is attracting significant investment in refineries, pipelines, and power plants, generating billions in taxes, creating high-paying jobs, and becoming a leading global exporter of liquefied natural gas (LNG).
Southeast Texas is riding a massive energy wave right now. Oil and natural gas jobs are paying way above the state average with Texas pumping about 27 billion dollars in taxes. The Energy Information Agency expects a doubling of our current export capacity by 2031. Golden Pass, a gigantic Texas facility backed by Qatar Energy and Exxon Mobile, is slated to start shipping liquefied natural gas from Texas to Europe and Asia this month following a $10 billion upgrade.
Bottom Line
California's aggressive 'cap and invest' rules and fewer permits for refineries are directly contributing to their exodus, despite the state's stated goal of a 'smooth transition' to clean energy.
This creates a policy paradox where environmental goals are pursued without adequately addressing the immediate energy needs and economic stability, leading to higher costs and supply risks for consumers.
States seeking to attract industrial investment and ensure energy independence can highlight stable regulatory environments and support for traditional energy sectors as a competitive advantage.
The economic multiplier effect of the energy industry in Texas is significant, with projects like Golden Pass LNG not only creating direct jobs but also boosting local businesses like restaurants and services.
This demonstrates how robust industrial policy, particularly in energy, can foster broad-based economic growth beyond just the core industry, benefiting entire communities.
Regions can analyze the full economic impact of industrial sectors, beyond direct employment, to better understand and promote policies that support local economies through large-scale infrastructure and production projects.
Opportunities
State-level Economic Development Consulting for Energy Transition
Offer consulting services to states and regions on how to manage energy transitions without destabilizing their economies. This includes strategies for retaining existing energy infrastructure, attracting new investment in diverse energy sectors, and mitigating the economic impact of policy changes on industries and consumers.
Investment Fund for Relocating Energy Infrastructure
Establish a private equity or venture capital fund specifically for acquiring and relocating energy infrastructure (e.g., refineries, processing plants) from states with hostile regulatory environments to states with pro-energy policies, or investing in new construction in favorable regions.
Lessons
- Evaluate state and local energy policies for their long-term impact on energy independence, consumer costs, and industrial investment.
- Consider the economic implications of 'Green New Deal' type policies on local industries and job markets before supporting them.
- Research the energy policies of different states when considering business relocation or personal residency, especially regarding fuel costs and economic stability.
Quotes
"If you live in a blue state, a state like, for example, California that has embraced the Green New Scam, that hates fossil fuels, that has run refineries out of the state, then you're going to see your gas prices skyrocket."
"Every $10 increase in a barrel is roughly 24 cents per gallon that you'll be paying more because of Trump's war, unfunded war."
"You cannot collapse one energy system before the next one is built. You cannot punish working families into a transition."
"Without the foreign imports, gas could have hit $8 to $10 a gallon in California."
Q&A
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