California's insurance and energy industries have been negatively impacted by state mismanagement and over-regulation. Policymakers have driven away major energy producers, and over 17% of gasoline refining capacity is set to shut down. The insurance market is similarly affected, with major companies like State Farm and Allstate exiting the state. Accountability for these regulatory failures is often avoided. In Oakland, a recent court ruling permits a controversial coal shipping terminal at the former Army Base, raising concerns about the financial stability and credibility of involved parties.
California policymakers have chased many energy producers out of the state. More than 17% of today's gasoline refining capacity will shut down by early next year, once Valero and Phillips 66 shut down important California refineries.
California policymakers have similarly chased much of the insurance industry out of the state, including State Farm and Allstate. Over-regulation has hobbled the insurance industry.
Anything else would require accountability for the state's bad policies, something California regulators and politicians are anxious to dodge.
At issue is a recent appeals court ruling allowing for the construction of a marine terminal on the former Oakland Army Base; a terminal to store and ship coal and coal ash.
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