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Started By
Message
Valero paid a $1.1 billion breakup fee to leave California
Posted on 2/10/26 at 7:16 am
Posted on 2/10/26 at 7:16 am
16
Posted on 2/10/26 at 7:33 am to Major Dutch Schaefer
Close stores and salt the ground
Posted on 2/10/26 at 7:34 am to Major Dutch Schaefer
Good, frick California. Beautiful state run by clowns and chomos.
Posted on 2/10/26 at 7:42 am to Major Dutch Schaefer
And still feel they got the best deal
Posted on 2/10/26 at 7:44 am to Major Dutch Schaefer
When the marriage is so bad you’re willing to do anything to get out.
Posted on 2/10/26 at 7:44 am to Major Dutch Schaefer
Im worried they wouldn't be doing this if they didnt think a recession was imminent
Posted on 2/10/26 at 7:52 am to Major Dutch Schaefer
And Newsome and Dems will boast about it being a positive 1b on their books, and their Democrat cult lapdogs will clap like seals.
Reminds me of the scene in Moneyball where Beane reminds Justice that the Yankees think so little of him theyre paying the As to play him against them.
Reminds me of the scene in Moneyball where Beane reminds Justice that the Yankees think so little of him theyre paying the As to play him against them.
Posted on 2/10/26 at 7:56 am to Major Dutch Schaefer
Posted on 2/10/26 at 7:57 am to OU Guy
With Zuck’s move to Florida, California’s total taxable wealth from billionaires has plummeted to well under $1T from over $2T just a few weeks ago.
The loss of this tax revenue was totally avoidable but is now forever. All because Gavin Newsom stood motionless as this stupidly written bill, from a fringe union and a handful of socialist academics with an axe to grind, meandered its way into the public conversation without any action from him and freaked everyone out.
These were all people that were paying 13%+ in state income tax every year WITH NO COMPLAINTS UNTIL A FEW WEEKS AGO.
And now, for the rest of time, the lost tax revenues from these folks will have to be paid for by the middle class because they are the only group left in California large enough that you can tax to fill the hole.
He’s forsaken the middle class instead of managing the budget, managing the deficit, eliminating even a portion of California’s gargantuan waste and abuse. He could have done any of these things at any point over the past 7+ years.
But he was silent.
And now California’s budget will implode and he wants to run for President.
Insane.
The loss of this tax revenue was totally avoidable but is now forever. All because Gavin Newsom stood motionless as this stupidly written bill, from a fringe union and a handful of socialist academics with an axe to grind, meandered its way into the public conversation without any action from him and freaked everyone out.
These were all people that were paying 13%+ in state income tax every year WITH NO COMPLAINTS UNTIL A FEW WEEKS AGO.
And now, for the rest of time, the lost tax revenues from these folks will have to be paid for by the middle class because they are the only group left in California large enough that you can tax to fill the hole.
He’s forsaken the middle class instead of managing the budget, managing the deficit, eliminating even a portion of California’s gargantuan waste and abuse. He could have done any of these things at any point over the past 7+ years.
But he was silent.
And now California’s budget will implode and he wants to run for President.
Insane.
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Posted on 2/10/26 at 8:01 am to Major Dutch Schaefer
I haven't seen a breakup fee like that since Bezos' divorce settlement.
Posted on 2/10/26 at 8:01 am to Major Dutch Schaefer
Always remember there is the "good" reason, and the "real" reason.
Taxing and regulating the oil biz in cali helps the environment. The state then imports gas from other countries burning fuel on ships all the way to cali and polluting the world. Nah the real reason is money.
Lack of water control is to save the environment and some fish. Nah its to starve the central valley of water and control those stinking republicans.
Taxing and regulating the oil biz in cali helps the environment. The state then imports gas from other countries burning fuel on ships all the way to cali and polluting the world. Nah the real reason is money.
Lack of water control is to save the environment and some fish. Nah its to starve the central valley of water and control those stinking republicans.
Posted on 2/10/26 at 8:02 am to Major Dutch Schaefer
Old news. That write down was in April of last year, they’ve been gone. The question is will they also shutdown their Wilmington refinery
Posted on 2/10/26 at 8:19 am to Major Dutch Schaefer
They'll save 5 times that the 1st year in Texas, lol
And mark these words, California will try to bait another company into their location by offering a sweetheart deal....instead of doing the same to keep the existing company there.
Liberals at their finest.
And mark these words, California will try to bait another company into their location by offering a sweetheart deal....instead of doing the same to keep the existing company there.
Liberals at their finest.
Posted on 2/10/26 at 8:23 am to SirWinston
quote:
Im worried they wouldn't be doing this if they didnt think a recession was imminent
Good lord dude. The operating conditions became untenable is why they are leaving.
Posted on 2/10/26 at 8:40 am to OU Guy
watch CA try to pass a law like NY to allow them to tax these people more on the way out .
Posted on 2/10/26 at 8:41 am to Major Dutch Schaefer
Shell began bugging out in 1991 and expanded in Singapore. It was due to some insane regulations. It kept the Martinez refinery until it could sell it which took over 2 decades. The Wilmington refinery was sold to Unocal in 1992 and the Carson site was demolished in 1992/3/4. California was requiring redundant downstream processing units with in 1990 dollars was over $450 million.
Posted on 2/10/26 at 8:46 am to CitizenK
In 1988, when a pharma plant closed in Long Beach, blue collar labor just went down the street for another $50 per hour job. By 1992, those jobs were hard to find. Especially manufacturing for aerospace was bugging out to Nevada and Utah as fast a freight haulers could carry their lathes, milling machines, etc...
I was offered several higher paying jobs in SoCal in 1993 but their conservative Republicans were more liberal than Dems in Louisiana I moved back. As a rule Californians are well educated but dumber than a box of rocks and can be made to believe most anything. There is no bigger herd instinct than in California.
I was offered several higher paying jobs in SoCal in 1993 but their conservative Republicans were more liberal than Dems in Louisiana I moved back. As a rule Californians are well educated but dumber than a box of rocks and can be made to believe most anything. There is no bigger herd instinct than in California.
Posted on 2/10/26 at 8:49 am to ChatGPT of LA
Pretty sure California has been trying to entice buyers after Valero told them fk you. You’ve imposed one to many unreasonable mandates and fines. It’ll be an import terminal at best, if Cali chills out, is my guess
Posted on 2/10/26 at 9:08 am to Major Dutch Schaefer
This is what people don't get. Companies are willing to walk away from HUGE money if the downside is greater. For example, if Valero has put a billion into the California market, and the downside is materially greater than that billion, they walk.
It's called "sunk cost". What was spent in the past, no matter how large, is irellevant if the future downside is too big.
Right now we see the major automakers walking away from billions in EV car production because the downside is so big. US Steel walked away from multiple entire billion dollar steel mills due to labor costs. Same thing with major insurance companies in south Louisiana. If the market were profitable, they'd be there.
You can do all the political posturing you want, but when the numbers don't add up...
The crazy thing that people really gloss over is that this is a fiscal responsibility thing that benefits the stockholders. The majority of stockholders are peoples' retirement plans. Ooops forgot about that.
It's called "sunk cost". What was spent in the past, no matter how large, is irellevant if the future downside is too big.
Right now we see the major automakers walking away from billions in EV car production because the downside is so big. US Steel walked away from multiple entire billion dollar steel mills due to labor costs. Same thing with major insurance companies in south Louisiana. If the market were profitable, they'd be there.
You can do all the political posturing you want, but when the numbers don't add up...
The crazy thing that people really gloss over is that this is a fiscal responsibility thing that benefits the stockholders. The majority of stockholders are peoples' retirement plans. Ooops forgot about that.
Posted on 2/10/26 at 9:08 am to TechBullDawg
Is that an image of an actual service station built into the cliff side California coast? That property view is probably worth half that payment.
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