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 subject” and failure to hearken to warnings concerning the state’s declining gasoline manufacturing, Bloomberg reported Wednesday.
“Refining is a particularly capital-intensive enterprise,” and “California’s regulatory setting is placing future funding in refining and gas 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 issues about having the ability to share data amid federal antitrust legal guidelines.
PBF (PBF) is on monitor to make almost $3B in income this 12 months, 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 very best within the continental U.S., with a mean of $5.157 per gallon of unleaded gasoline, in accordance with AAA; Newsom has blamed “grasping” oil corporations “ripping off” clients on the pump.