by Frank Bergman, Slay News:
Regulators are proposing plans for the California government to take control of oil refineries to manage energy price hikes as the state pushes to advance green agenda policies.
State officials have proposed a variety of government intrusions into the petroleum industry to combat future energy price surges.
The proposals were revealed in a new report released by the taxpayer-funded California Energy Commission (CEC).
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The CEC expects some of California’s nine oil refineries to be shuttered due to falling demand as the Golden State continues to pursue its green agenda.
After they begin shutting down, the remaining refineries will have increased pricing power.
As such, it would raise the possibility of a surge in gas prices, the study concluded.
To solve this problem, the commission proposed a variety of government interventions.
Those interventions include expanded regulation on private refineries, the establishment of state-owned refineries, and an increase in imports.
“The deployment of ZEVs [zero-emission vehicles] and a robust mass transit system are critical for achieving the state’s climate goals, reducing local air pollution, and eventually eliminating dependence on the volatile global petroleum markets,” the report states.
As demand for gasoline shrinks, refineries may close or convert to processing clean transportation fuels.
“This will lead to fewer gasoline refineries, with increased market concentration and associated market problems that often accompany it.”
To address the market concentration issue, the CEC proposed a variety of state interventions.
These interventions involve a socialist-style scheme where the state takes control of the refineries by buying them with tax dollars.
