Chevron, the energy company relocating its headquarters from California to Texas, issued a stark warning to Governor Gavin Newsom about proposed changes to the state’s Cap-and-Invest regulations. The company claims these rules would ‘cripple the survivability’ of California’s remaining refineries, threatening energy security. Chevron predicts gasoline prices could rise by over $1 per gallon by 2030 due to the regulatory shift.

This comes as the state faces pressure to reduce carbon emissions while maintaining affordable fuel access. The letter highlights growing tensions between environmental goals and industrial operations, with Chevron urging policymakers to reconsider the measures.