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Chevron Hightailing It Out Of California

After a 140-year monumental presence in Northern California, Standard Oil (now Chevron) is moving its headquarters to Texas.

McKesson and Charles Schwab have also announced plans to move their headquarters from San Francisco to Texas, too.

But Chevron’s departure is a more historic blow to the state’s pride. It was founded in California 140 years ago and made the state’s earliest commercial oil discovery. In 1926, it adopted the name Standard Oil Company of California.

California has the highest income tax in the nation and Texas has no state income tax. But the hostile environment to oil and gas among the California pols may have been the final push.

In 2019, legislators almost passed a punitive 10% oil and natural gas severance tax. Governor Gavin Newsom has made no secret of the fact he wants to run oil companies out of the state as he pursues plans to ban new gasoline-powered cars by 2035.

The shame is that California is one of the most energy-rich places on the planet with large shale deposits. For now, the Golden State will keep that treasure chest buried in the ground.

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