The Rising Influence of Rising Affluence

[DewDiligence]

(CVX)—California will cap profit margins on gasoline refining:

https://finance.yahoo.com/news/1-california-set-regulate-profit-200129909.html

California can begin regulating how much profit the state's oil refiners can earn on selling gasoline beginning this summer under [legsialtion] that Governor Gavin Newsom signed into law on Tuesday.

…Chevron, the largest oil refiner by volume in the state, called the measure "a step backward" and its approval "likely to result in less reliable, less affordable fuel for state motorists"…

…The law will do nothing to increase gasoline supply to the West Coast, said John Auers, managing director of Refined Fuels Analytics. "It won't do any good and it will do harm."