PBF Vitality (NYSE:PBF) rejected a request from the California Vitality Fee to testify at a listening to subsequent week on gasoline value spikes, citing Governor Gavin Newsom’s “politicization of this concern” and failure to take heed to warnings concerning the state’s declining gasoline manufacturing, Bloomberg reported Wednesday.
“Refining is a particularly capital-intensive enterprise,” and “California’s regulatory surroundings 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 info amid federal antitrust legal guidelines.
PBF (PBF) is on monitor to make practically $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 mentioned 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, based on AAA; Newsom has blamed “grasping” oil corporations “ripping off” clients on the pump.