California just got a wake-up call about the real-world consequences of its misguided energy policies.
Two major refineries – Phillips 66 in Los Angeles and Valero in Benicia – have announced plans to shut down operations in the coming 12 months, removing nearly one-fifth of California’s in-state fuel production.
Professor Severin Borenstein from the Energy Institute at UC Berkeley’s Haas School of Business, one of the preeminent experts on California’s energy market, expressed reservations about a budding effort by California Governor Gavin Newsom to implement profit restrictions and penalties on California refiners.
