David J. Hackett Chairman Stillwater Associates
Author : pasty-toler | Published Date : 2025-07-16
Description: David J Hackett Chairman Stillwater Associates LLC February 22 2023 California Senate Committee on Energy Utilities and Communications Informational Hearing Petroleum Windfall Profits Penalty Will Californians get relief at the gas
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Transcript:David J. Hackett Chairman Stillwater Associates:
David J. Hackett Chairman Stillwater Associates LLC February 22, 2023 California Senate Committee on Energy, Utilities and Communications Informational Hearing “Petroleum Windfall Profits Penalty: Will Californians get relief at the gas pump?” When California gasoline prices spike, everyone wants to know why 1 San Francisco Examiner Los Angeles Times What to do about gasoline supply and price today and through the energy transition? 2 What are the Big Issues here? Why are gas prices so high? What should we be doing about that? Are price controls like the Windfall Profits Penalty effective? 3 What caused high oil prices in California in 2022? 4 Source: EIA Covid & the Ukraine war, combined with refinery problems. What are the recommendations to prevent spikes and reduce gasoline prices? 5 There are two basic issues. Supply Driven Price Spikes Ongoing high retail prices What needs to be considered in the transition study? 6 This is an historic shift from oil & gas to electricity What will it take to shift all the energy in the oil and gas pipelines to the wire? We don’t think anyone really knows. We can’t afford to get it wrong. What about the Windfall Profits Penalty? 7 There is a long record of failure of similar programs. Thank you. Questions? 8
