LETTER: What will the California government mess up next?
California obviously didn’t learn anything from its failed attempts at rent control, so it’s decided to double down. The California Legislature passed a law that could allow regulators to cap the profit that oil companies can make through their refineries. Call it rent control for the oil industry (“Law could pinch at the pump,” June 17 Review-Journal). This could reduce production and lead to serious shortages. And when California is sending Nevada less gasoline, it will come with exorbitant prices. Industry sources project gasoline prices in Nevada may rise above $5 a gallon, with some estimates as high at $10.
At least it was only those who chose to stay in California who bore the brunt of the state’s regulations and restrictions on things such as the housing industry and EV sales. But if California officials carry through with rent control for the oil industry, Nevada will be in trouble, too, as well as several other states who depend on the California refineries for their supply line.
If you think we’ve saw problems at the gasoline pump over the past couple of years, hang on to your hat.