Chevron, the energy company that began relocating its headquarters from the Bay Area to Texas in 2024, wrote a letter Tuesday to Gavin Newsom’s office warning about the proposed changes to the state’s Cap-and-Invest regulations. The industry giant warned that if enacted, the new regulations will “cripple the survivability of the state’s remaining refineries." Chevron further predicted that “the price of gasoline will increase by more than a dollar a gallon by 2030 as a result of this regulatory change.”