PBF Energy slams California Governor Newsom for gasoline price ‘politicization’ (NYSE:PBF)

kckate16 PBF Power (NYSE:PBF) rejected a request from the California Power Fee to testify at a listening to subsequent week on gasoline worth spikes, citing Governor Gavin Newsom’s “politicization of this problem” and failure to take heed to warnings concerning the state’s declining gasoline manufacturing, Bloomberg reported Wednesday. “Refining is an especially capital-intensive enterprise,” and “California’s regulatory atmosphere is placing future funding in refining and gasoline manufacturing in danger within the state,” PBF (PBF) wrote in its response to the regulator. Refiners Marathon Petroleum (MPC) and Phillips 66 (PSX) additionally declined to testify, citing considerations about with the ability to share info amid federal antitrust legal guidelines. PBF (PBF) is on monitor to make almost $3B in earnings this yr, which it’s utilizing to pay down the “exorbitant debt” it took on to outlive California’s COVID-19 lockdowns, the corporate stated in its letter. The deliberate listening to comes as gasoline costs in California stay the best within the continental U.S., with a mean of $5.157 per gallon of unleaded gasoline, in keeping with AAA; Newsom has blamed “grasping” oil corporations “ripping off” prospects on the pump.

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