Is the Richmond Refinery for sale? I doubt it due to the recent half a billion dollar settlement paid out to the city, however I am wondering what the language behind that deal is if the Company no longer owns the asset. Also, anyone understand the impact of the special session BS that was being put on by the Gov? I haven't had the time to research just yet, but in an interview I saw, he just skirted the issue of how he plans to save Californians money at the pump when the state taxes are a big cause of why the prices are so much higher than other states.
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Cmon $42 Trillion. A quick google search...
https://en.m.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP
Basically CA has a higher GDP per capita by a moderate amount. Of course it has higher taxes and cost of living too.
“ California is hardly sliding into the abyss. It has a far higher GDP than Texas - $4 trillion to 42.6 trillion,”
California has a 42.6 trillion dollar GDP? Uh what?
Why no mention of the onerous income tax? Why no mention of the continued loss of high income earners and large companies? If Ca is so wonderful, why did the state propose to implement an exit tax?
The deal with the city to pay $50 million/year belongs to the refinery owner including any party to which we plan to sell. It is the lesser of two evils because a vote to tax the refinery might have ki-led the business completely. At least this way we can sell it before another vote proposal makes it on the ballot.
Read the writing on the wall folks. You don't want to be at Richmond, San Juaquin or El Segundo long term.
Despite what Chicken Little might say about the sky falling, California is hardly sliding into the abyss. It has a far higher GDP than Texas - $4 trillion to 42.6 trillion, higher per capita income - $79K to $65K, lower property taxes, lower rates of poverty, higher percentage of the population covered by health insurance, and longer life expectancy.
I live in California and I drive a Ram with a Hemi in it. I’m trying to blow smoke up Greasy Gavin’s ar-e!! Believe it or not large vehicles SUVs and Pickup Trucks are very popular here. Electric Vehicles are a small but albeit growing percentage of vehicles here. Every time they put in a Charging Station it gets ripped apart by me-h heads selling the copper wire.
The surge of electric cars in California has demolished gasoline demand and destroyed margins. We may have to walk away from the refineries, along with SJVBU (and CBU!).
There’s a recording of the city council meeting where the tax was discussed and I believe the recurrent manager said the company has to pay the tax whether it’s sold or not?
But who would buy it?? Seriously
Not much, if anything, will come out of the special session. There are multiple factors that drive the high price of gasoline in California. The State has its own gasoline spec - CARB - so all the fuel is made by a limited number of refineries and cannot take advantage of economy of scale imports might provide. The State does have high taxes on gasoline. Retail gasoline outlets are often located in desirable commercial locations which are expensive to acquire and their property taxes are high. Some outlets , like COSTCO, offer lower costs due to scale of the operation, they may be collocated on land already owned for their warehouse store, and they don’t have proprietary additives.