California Dreamin'
The state of California is a unique case in the US energy market, particularly when it comes to crude oil. Thanks to local environmental laws, around 75% of the state’s oil demand has to be met with overseas barrels due to a lack of interstate pipelines connected to California and regulations limiting rail imports. On top of that, the Jones Act limits the ability to ship crude from US export terminals. This makes the state a net importer of non-US crude, a very different dynamic compared to other states with large crude deposits and growing exports.
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