PBF Power (NYSE:PBF) rejected a request from the California Power Fee to testify at a listening to subsequent week on gasoline value spikes, citing Governor Gavin Newsom’s “politicization of this difficulty” and failure to take heed to warnings in regards to the state’s declining gasoline manufacturing, Bloomberg reported Wednesday.
“Refining is an especially 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.
PBF (PBF) is on observe to make almost $3B in earnings 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 best within the continental U.S., with a median of $5.157 per gallon of unleaded gasoline, in keeping with AAA; Newsom has blamed “greedy” oil companies “ripping off” customers at the pump.
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