27-06-2025
California Regulator Wants to Pause Newsom Refinery Profit Cap
California's energy market regulator is backing off a plan to place a profit cap on oil refiners in the state.
Siva Gunda, vice chair of the California Energy Commission, said during a Friday briefing that the cap would 'serve as a deterrent' to refiners boosting investments in the state. Gunda said the commission wants to increase gasoline supply in California after two refineries announced plans to close in the next year, accounting for about one-fifth of the state's crude-processing capacity.
