Chevron Would Fit Better in Texas Than California
The oil giant has outstayed its welcome in San Ramon.
Maybe Chevron has outstayed its welcome in California.
Photographer: Justin Sullivan/Getty Images North AmericaChevron Corp. has a strong a sense of nostalgia about its home base of California. In an interview with Bloomberg Television last week, Chief Executive Officer Mike Wirth lauded the company’s nearly 150-year long history in the Golden State, adding: “We are the only large oil company left in California.” Which begs the question: why stay?
The paths of Chevron and California are diverging inexorably. The state, led by Democratic Governor Gavin Newsom, is hostile to the fossil-fuel industry, despite voracious consumption of petroleum products there. Worse, the oil company’s bosses have become a convenient scapegoat for local politicians seeking to burnish their credentials with voters. It’s not just a political distraction; it’s also hurting the bottom line.