Chevron, formerly known as Standard Oil of California and still the state’s major oil producer and refiner, is marking the 145th anniversary of its founding in the state by abandoning it and moving to Houston, Texas.

Chevron CEO says the state is playing a “dangerous game” with draconian climate rules that are spiking gasoline prices and driving people and businesses to move.

Last year, Gov. Gavin Newsom effectively declared war on “Big Oil” when he established a new watchdog that has the power to penalize oil refiners that charge “too much” for gasoline. He promised to “hold
Big Oil accountable for fleecing Californians at the pump…it’s time to choose whether to stand with California families or with Big Oil.”

The regulations piled on fossil fuel companies include a low-carbon fuel standard, cap-and-trade fees, drilling restrictions and a penalty on “excessive” refinery profits. Chevron’s largest refinery in the state, may be saddled with a $1 a barrel tax if local voters approve a ballot measure this November.

Six months ago, Chevon filed a notice with the SEC that Newsom’s regulation could cost the company $4 billion.  Newsom ignored it, resulting in Chevron’s “hasta la vista” departure.

Under Newsom, California is committing economic suicide on an accelerated installment plan.