Chevron Warns California Risks Fuel Crisis Unless Iran War Eases

Chevron Corp. is warning that California is careening toward an energy crisis because of the Iran war and that the company may quit refining oil in the state unless officials roll back taxes and regulations.

California, the most populous US state, is highly exposed to the disruption rippling across commodity markets because it imports about 20% of its refined fuels from Asia.

Now shipments from China, South Korea, Singapore and elsewhere are at risk of slowing significantly as Iran blocks the Strait of Hormuz, leaving Asian nations struggling to meet their own demand at home. Chevron’s oil refining head Andy ...