Fong called the proposal “nothing short of an existential threat to our refineries” and cited projections that it could add an additional $1.21 a gallon to California’s already high gas prices.
“This will be the nail in the coffin of California’s fuel network, which is already being suffocated by a patchwork of underutilized pipelines and overburdened refineries without enough energy supply to operate,” said Congressman Fong. “The writing is already on the wall. If California continues to push policies aimed at further constricting our energy supply chain, it will result in skyrocketing costs for working families and weaken the fuel supply chain supporting our West Coast military capabilities."
America’s economy is strong.
GDP reached 4.3% in the third quarter, driven by private sector growth and strong trade. The Atlanta Fed GDPNow model now projects 5.4% for Q4 2025.
Exports are up, the trade deficit is down to 2009 levels, and President Trump’s trade agenda is delivering real growth for the American people.
The truth about what you really believe is that you would roll back all tax legislation that has lowered the brackets since 1982. I have heard you say that on national broadcasts. You have zero understanding of the relationship between lower taxes and higher federal revenue due to stronger economic growth. Read JFK and the Reagan Revolution by Kudlow as an introduction to this topic.
President Trump is a solutions-oriented businessman. Unlike past administrations that ignored the strategic risks of a wildly imbalanced global trade order and supply chain, the President's team is committed to fully derisking the U.S. economy and putting America first.
Tariffs have always been disinflationary or deflationary. Mr. Powell is now making policy based upon unsubstantiated forward looking statements or just plain anti tariff bias instead of focusing on the historic data as the Fed has always done. The Fed has never been preemptive as they lack the tools and modeling to operate that way and Powell has picked the wrong hill to die on.
@SpencerHakimian Strategic uncertainty will ultimately resolve in favor of the US, Bessent seems to like the approach and he's the smartest Treasury Secretary in 100 years.
Biden flatlined domestic energy production amidst a V shaped recovery in global energy demand causing crude to spike to $ 120/bbl. Of course energy is an input to almost every aspect of the global economy. Biden and the green new dealers attempted to use the pandemic as cover to suppress domestic production in favor of green alts and found themselves begging Venezuela and other bad actors for more production. I agree that without M2 expansion the inflation impact would have been less severe but what choice was there really with Biden spending almost 30% of GDP 2021 & 26-28% between 22-24.