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Chevron warns Newsom California regulations risk 500K jobs and gas price hikes

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Chevron warns Newsom California regulations risk 500K jobs and gas price hikes

Chevron is sounding a dire alarm, warning California Gov. Gavin Newsom and state regulators that newly proposed “cap-and-invest” amendments are a death knell for California’s remaining refineries.

The energy giant warns the move will kill more than half a million jobs, threaten national security and spike gas prices by more than a dollar per gallon — all to fuel a state-run “shakedown” of the energy sector — in a letter addressed to Newsom and obtained by The California Globe.

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“The proposed regulation will cripple the survivability of the state’s remaining refineries, which will result in California losing the entire industry to this misguided program,” Chevron President Andy Walz wrote.

“This regulation will increase transportation and aviation fuel prices for consumers. It will risk significant job losses, including many high-paying union jobs, while reducing funding for essential public services,” he continued. “It will upend California’s fuels market and threaten critical energy and national security assets.”

U.S. ‘SITTING ON SIGNIFICANT PROVEN RESERVES’: ANALYST SAYS AMERICA CAN WITHSTAND IRAN ENERGY SHOCK

The California Air Resources Board (CARB) is aiming to make companies cleaner by aggressively lowering the cap on how much total pollution is allowed in the state. Specifically, the board is proposing to pull 118.3 million allowances out of the state’s market between 2027 and 2030 and has more recently increased its carbon reduction target to 90% by 2045.

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Chevron gas station and Gavin Newsom

Chevron’s president wrote a strongly worded letter addressed to California Gov. Gavin Newsom over proposed energy regulations. (Getty Images)

Walz warns that the green energy agenda comes with a price tag for working families, writing that Chevron projections show a $1 increase per gallon of gas by 2030 and an estimated 536,770 industry jobs at risk.

California already has the highest gas prices in the nation, with the current state average listed at $4.81 per gallon, according to AAA. The national average, by comparison, is $3.25 as of March 4.

In some California counties, gas costs as much as $5.74 per gallon.

“These impacts will fall most heavily on lower-income households that spend a disproportionate share of income on transportation fuels, increasing costs without addressing the underlying driver of California’s gasoline prices,” Walz said. “Affordability is a top concern for California’s residents and Chevron, and these proposed amendments would only exacerbate the high cost of living in the state.”

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Walz frames this not only as a local issue but as a threat to the energy stability of the entire United States.

“Refinery closures in California reduce fuel supply resilience on the West Coast, increasing risks to military readiness and national security,” Walz cautioned. “Maintaining a stable policy framework that supports continued operation of California refineries is therefore not only an economic and consumer affordability issue, but also a matter of broader energy security and national defense.”

CARB is also reportedly exempt from standard open-meeting rules, allowing it to manage billions of dollars in carbon auctions behind closed doors.

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“The California energy industry’s economic, industrial, environmental and national security benefits have been the foundation of a healthy, prosperous state and nation. Adversarial policies at local, regional and state levels have eroded that foundation,” Walz said.

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“These proposed regulatory changes threaten to destroy it. Chevron urges policymakers and regulators to reconsider and revise the proposed regulation before it causes lasting and irreversible harm to California’s economy and energy security and broader vital American interests,” he concluded.

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Newsom’s office did not immediately respond to Fox News Digital’s request for comment.

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BOJ Governor Sticks to Rate-Hike Stance Amid Iran Tensions

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BOJ Governor Sticks to Rate-Hike Stance Amid Iran Tensions

TOKYO—Bank of Japan Gov. Kazuo Ueda reaffirmed his commitment to further interest-rate increases amid deepening concerns over instability in the Middle East.

“While we intend to carefully monitor the impact of the situation in the Middle East, we believe it is appropriate to continue raising the policy rate and adjusting the degree of monetary accommodation if the economy and prices improve in line with our quarterly outlook,” Ueda said at a parliamentary session Wednesday.

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Turkcell Iletisim Hizmetleri A.S. 2025 Q4 – Results – Earnings Call Presentation (NYSE:TKC) 2026-03-05

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

This article was written by

Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team

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Royal Caribbean Cruises: Buy On Dips

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Royal Caribbean Cruises: Buy On Dips

Royal Caribbean Cruises: Buy On Dips

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Twenty-four US states announce lawsuit to stop Trump’s latest global tariffs

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Twenty-four US states announce lawsuit to stop Trump’s latest global tariffs


Twenty-four US states announce lawsuit to stop Trump’s latest global tariffs

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Call to reopen ‘forgotten’ railway station to serve college campus and estates

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Uphill station would be on line to Weston-super-Mare

A person buying a train ticket

Campaigners say the reopened station should be on the loop line(Image: PA)

Councillors have been urged to press for the reopening of a forgotten railway station in Weston-super-Mare.

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After the Bristol to Exeter main line passes through Worle, a loop line forks off and stops at Weston Milton and at Weston-super-Mare railway station in the town centre. But there is a fourth long since forgotten railway station which once served the town and that campaigners are now suggesting should reopen.

The Bristol Rail Campaign said that a reopened Uphill railway station could serve Weston Hospital, the Weston College’s Loxton campus, the nearby estates, and provide access to Uphill Beach and local walks. The group’s campaigns lead Christina Biggs suggested to a North Somerset Council scrutiny panel on February 26 that the council should press the West of England Combined Authority (WECA) for the funding to reopen the station if it becomes a member.

The original Uphill railway station opened in 1871, just south of the cutting through the hill crossed by Devil’s Bridge. It was followed in 1884 by Uphill Junction railway station, which opened just north of the cutting. The Bristol Rail Campaign are suggesting that a new Uphill station should be in a slightly different location so that it is on the loop line serving Weston Milton and Weston-super-Mare.

Ms Biggs said: “The idea then is that you are not holding anything up on the mainline. You are just using the local trains that would stop at Weston Milton, Worle, and Weston-super-Mare.”

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North Somerset Council is expected to join WECA by the end of the year or early 2027, with a public consultation on the plan currently running until April 10. WECA has millions of pounds of transport funding and Ms Biggs said the council should press for some of this to be spend on a feasibility study on opening a new Uphill railway station. She said: “It’s something you could quite reasonably ask of WECA as an introductory thing/taster.”

WECA is already helping to fund the reopening of the Portishead Railway at the other end of North Somerset, which after a decades long campaign is expected to reopen in 2028. Ms Biggs said: “Uphill is pretty minor because its on an existing line. You don’t have any of the problems of the Portishead Line.”

North Somerset Council is yet to debate or decide whether Uphill railway station is a project it wants to pursue.

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Nike’s Most Anticipated Air Max 95 in Years Finally Drops This Week

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Nike Air Max 95

The sneaker world is buzzing as Nike prepares to release one of its most coveted retros in recent memory: the Nike Air Max 95 OG “Neon,” dropping Thursday, March 5, 2026. Following a highly limited rerelease in 2025 that sparked massive demand and quick sell-outs, this wider edition arrives in full-family sizing, marking what many call the most anticipated Air Max 95 drop in years.

Nike Air Max 95
Nike Air Max 95

The “Neon” colorway — originally launched in 1995 — remains a cornerstone of sneaker culture. Designed by Sergio Lozano, the silhouette features a distinctive gradient upper with black-to-cool grey suede overlays that fade upward, accented by vibrant neon yellow (often referred to as Volt) hits on the eyelets, midsole branding and outsole. The design draws inspiration from human anatomy, with layered panels mimicking ribs and muscles, while the visible Air unit in the heel provides signature cushioning.

This 2026 version revives the “Big Bubble” construction, restoring the larger, more pronounced visible Air unit in the heel that closely mirrors the 1995 original. Previous reissues, including some from the early 2020s, featured smaller bubbles that drew criticism from purists. Reviewers and on-feet videos circulating ahead of launch praise the update, noting improved sizing consistency — many suggest it runs true to size (TTS) after years of complaints about the model’s fit.

“These are a return to roots,” one sneaker reviewer noted in a pre-release breakdown. “The bigger bubble not only looks more authentic but enhances the ride without sacrificing the classic aesthetic.”

The release timing aligns with broader Air Max celebrations, as Nike rolls out a “Neon Pack” theme for 2026. Alongside the Air Max 95, the pack includes neon-infused versions of the Air Max 90, Air Max Plus and Air Max TL 2.5, plus complementary apparel like graphic jerseys evoking late-’90s energy. The “Neon” 95 headlines the lineup, with its cultural pedigree — worn by athletes, musicians and streetwear icons for decades — driving hype.

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Pricing remains accessible: adult pairs retail at $190 USD (approximately $245 CAD in some markets), with scaled options for younger fans — Grade School at $147, Preschool at $112 and Toddler at $82. Full-family availability broadens appeal, contrasting the adult-exclusive 2025 drop that left many out.

Consumers can cop via Nike SNKRS app and select global retailers including Foot Locker, JD Sports, Champs, Finish Line, Dick’s Sporting Goods and others. Some retailers offered early access raffles or draws earlier this week, with standard first-come, first-served drops expected at 10:00 AM ET (or regional equivalents) on March 5. Stock appears more robust than last year’s limited run, though high demand for classic Air Max 95 colorways — especially during the ongoing “big bubble” era — suggests sell-outs remain possible.

The Air Max 95’s enduring popularity stems from its innovative design and versatility. The wavy lines and layered materials create a dynamic look that pairs effortlessly with jeans, tracksuits or athleisure. Its influence extends beyond Nike, inspiring countless homages and even cross-brand collaborations. In recent years, the model has seen resurgence through high-profile retro campaigns, celebrity endorsements and its role in streetwear’s mainstream ascent.

Sneaker analysts point to this drop as a test of sustained interest in heritage silhouettes amid a crowded market. With resale platforms like StockX already showing pre-release interest, the “Neon” could command premiums if initial supply tightens.

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As sneakerheads gear up for launch day, the consensus is clear: this isn’t just another retro — it’s a chance to own a piece of sneaker history updated for today. Whether for collection, daily wear or flexing on the timeline, the Air Max 95 “Neon” Big Bubble stands ready to make waves once more.

Nike continues to leverage its Air Max legacy, blending nostalgia with modern tweaks to keep the line relevant. This week’s release underscores the brand’s commitment to its icons while expanding access for new generations.

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UK firms pull fixed energy deals as Iran war pushes up prices

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UK firms pull fixed energy deals as Iran war pushes up prices

Data suggests the number of fixed-term deals has more than halved as prices for wholesale energy surge.

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State AGs sue after Supreme Court decision

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State AGs sue after Supreme Court decision

U.S. President Donald Trump and New York Attorney General Letitia James.

Brian Snyder | David Dee Delgado | Reuters

New York Attorney General Letitia James and the top prosecutors of 23 other states are planning to once again sue to block President Donald Trump‘s global tariff regime, just days after a landmark Supreme Court decision struck down his previous effort.

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Their lawsuit, expected to be filed Thursday in the Court of International Trade, will seek to deem Trump’s latest tariffs illegal and order refunds to states.

Last month, the Supreme Court invalidated most of Trump’s sweeping “Liberation Day” tariffs implemented last year, saying that his use of the International Emergency Economic Powers Act to impose duties was improper.

But the president sought to keep his signature policy alive by immediately announcing a new wave of tariffs, these based on another law, Section 122 of the Trade Act of 1974. That global tariff rate is currently set at 10%, but the Trump administration has said it plans to raise it to 15%.

“After the Supreme Court rejected his first attempt to impose sweeping tariffs, the president is causing more economic chaos and expecting Americans to foot the bill,” James said in a statement provided to CNBC.

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“President Trump is ignoring the law and the Constitution to effectively raise taxes on consumers and small businesses,” she said.

The move from the coalition of state attorneys general — most of whom were part of the successful effort to block Trump’s original tariffs — will add to the ongoing international uncertainty created by the president’s tariff policies. On Wednesday, a federal court ruled that companies that paid tariffs struck down last month by the Supreme Court are due billions of dollars in refunds.

Misuse of law

In their lawsuit, James and the coalition will argue that Trump is misusing Section 122 of the 1974 trade act, which they say was designed to address specific monetary imbalances possible when the U.S. was under the gold standard, rather than to combat trade imbalances.

The attorneys general will also contend that the tariffs violate the Constitution’s separation-of-powers principle giving Congress the power to impose duties, and that Trump’s levies violate the 1974 trade act’s requirements that they be applied consistently across countries.

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The effort is “a clear attempt to escape the Supreme Court’s ruling in the case against the tariffs imposed under IEEPA,” according to James.

Last year, James and 11 other states sued the Trump administration to halt his original round of tariffs. That effort was eventually combined with suits from small businesses affected by tariffs in the Supreme Court case that handed Trump one of the biggest legal setbacks of his second term.

Trump and James have had their own legal entanglements.

His administration’s Justice Department indicted James in October on two counts, bank fraud and making false statements to a financial institution.

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James, however, faces no charges after a judge threw out her indictment and two grand juries separately declined to revive those efforts.

Correction: The lawsuit from James and other state attorneys general is expected to be filed Thursday. A previous version misstated the timing.

Treasury Sec. Bessent: Global 15% tariff starts this week, move back to prior rates within 5 months
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Mortgage rates rise to 6%: Freddie Mac

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Mortgage rates rise to 6%: Freddie Mac

Mortgage rates ticked higher to 6% this week, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 6% from last week’s reading of 5.98%. 

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The average rate on a 30-year loan was 6.63% a year ago.

“In fact, rates are down nearly a full percentage point from this time in 2024, spurring activity from buyers, sellers and owners,” said Sam Khater, Freddie Mac’s chief economist. “As a result, refinance activity is up, and purchase applications are ahead of last year’s pace.”

The average rate on a 15-year fixed mortgage increased to 5.43% from last week’s reading of 4.44%.

RENT BECOMING MORE AFFORDABLE FOR MANY AMERICANS AS MARKET STABILIZES

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Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.02% as of Thursday afternoon.

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Fiber trending forward

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Fiber trending forward

Hot on the heels of the protein trend, fiber is making its way to the forefront of consumer diets.

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