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California’s Gas Crisis Is a Policy Failure at Every Level
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California’s Gas Crisis Is a Policy Failure at Every Level
Wall Street traders coined a grim acronym for the energy shock caused by the Iran War—NACHO, short for “Not A Chance Hormuz Opens.” No U.S. state has more reason to dread that outcome than California, where drivers pay more than $6 per gallon and refiners depend on Persian Gulf crude. This war did not create those conditions. Decades of policy decisions did, leaving the state’s fuel supply with almost no margin for geopolitical shock. California…
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