California gas prices explode, up 40 cents in two weeks
California now pays nearly $2 above the national average
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Here is everything you should be watching today:
Today’s markets + assets:
🔴 DOW: 49,397.59 (⬇️ 0.22%)
🔴 S&P: 6,820.08 (⬇️ 0.24%)
🔴 NASDAQ: 22,477.34 (⬇️ 0.31%)
⚠️🔴CBOE VIX Volatility Index: 20.99 (⬇️ 0.99%)
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🔴 Silver:$72.90 (⬇️ 6.50%)
🔴 Bitcoin: $67,288.51 (⬇️ 1.34%)
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California gas prices spiral as refinery crisis deepens
California drivers are reeling as average gas prices surged 40 cents per gallon in just two weeks to $4.58, far outpacing the national average of $2.92, driven by shrinking refining capacity from the Valero Benicia refinery wind-down and prior Phillips 66 closure in Los Angeles.
Refinery Capacity Shrinks : Valero’s Benicia facility in Northern California is winding down operations, leaving the state with only six active refineries and tightening overall fuel supply.
Statewide Price Jump : Prices climbed from $4.18 two weeks ago to $4.46 last week and now $4.58, making California the most expensive state for gas, topping Hawaii and Washington.
Political Pushback Grows : Republican state senators, led by Suzette Martinez Valladares, call California at a “breaking point” and urge Gov. Newsom to hold a special session on oil and gas policies.
Volatility Warning Issued : Experts and lawmakers predict more instability and price swings ahead without swift action to address diminishing in-state production and supply constraints.
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Pelosi retiring early after EXPLOSIVE humiliation?
She thought she’d gotten away with it…Nancy Pelosi’s worst nightmare is happening RIGHT NOW… 5 buried government files have just been leaked online…
And the explosive bombshells revealed inside have the entire Swamp QUAKING.
Because they’ve been kept under government lock and key for more than 55 YEARS.
Until today.
P.S. She NEVER thought these files would go public (and when you see bombshell #1, you’ll understand why.) Watch now before this video is scrubbed from the internet forever.
Goldman Sachs bends the knee, axes woke DEI board criteria
Goldman Sachs plans to strip “other demographics” references—including race, gender identity, ethnicity and sexual orientation—from its board candidate evaluation criteria this month, bowing to conservative pressure amid President Trump’s sweeping anti-woke push that has accelerated corporate retreats from diversity policies across America.
Conservative Pressure Deal : Goldman Sachs agreed to the change after a September request from the National Legal and Policy Center, a conservative nonprofit shareholder, avoiding a formal proposal at the upcoming annual meeting.
Narrowed Diversity Focus : The bank’s board criteria will now emphasize traditional diversity in viewpoints, background, work experience and military service, dropping explicit demographic tags.
Prior Policy Shift : Last year Goldman Sachs already eliminated board diversity mandates for companies it takes public, signaling an earlier step back from DEI commitments.
Trump’s Broader Influence : The move aligns with Trump’s executive orders dismantling federal DEI programs and his March declaration ending “woke” policies in government, military and private sector, fueling wider corporate rejection of such initiatives.
Bitcoin’s volatile morning continues
Bitcoin slid to $66,695.46 in morning trading before rebounding at 10:30 amid escalating geopolitical tensions centered on Iran, which fueled a broader risk-off sentiment across markets.
Geopolitical Iran Tensions Rise: Renewed conflicts and uncertainty around Iran drove investors away from risky assets like Bitcoin, mirroring declines in equity futures.
ETF Outflows Persist: US-listed Bitcoin ETFs recorded $360 million in net outflows last week, marking the fourth consecutive week of withdrawals adding sustained downward pressure.
Analysts Flag Support Risks: Experts warn $60,000 as critical support that could fail amid deteriorating risk appetite, potentially triggering a sharper drop toward the $50,000s.
Macro Correlation Tightens: Bitcoin behaves like a high-beta tech proxy, with macro factors like Fed rate cut doubts and AI economic debates closely tied to its recent volatility.
Iran partially shuts Hormuz chokepoint, oil prices shrug it off and head lower
Iran temporarily partially closed the vital Strait of Hormuz for Revolutionary Guards military drills Tuesday as indirect nuclear talks with the United States wrapped up in Geneva without a deal but with agreement on guiding principles, signaling ongoing high-stakes tensions over Tehran’s nuclear program amid regional military posturing.
Hormuz Partial Closure: Iran enacted a temporary partial shutdown of the Strait of Hormuz for security during live-firing naval exercises, causing only minor shipping delays without major global oil disruptions.
Nuclear Talks Progress: Iranian Foreign Minister Abbas Araghchi announced an understanding on main guiding principles after serious discussions in Geneva, though he stressed more work remains before any agreement.
Oil Market Reaction: Brent crude futures dropped 1.8% to $67.48 and WTI fell 0.4% to $62.65 per barrel as markets shrugged off the closure and focused on the talks’ inconclusive end.
Context of Tensions: The action marks the first such Strait measure since US threats of military action in January, occurring against a backdrop of US military buildup and Iran’s deterrence demonstrations.
Pritzker quits Hyatt Executive Chairman role over Epstein ties
Hyatt Hotels executive chairman Thomas J. Pritzker abruptly retired from the board Monday, citing deep regret for maintaining post-2008 contact with Jeffrey Epstein and Ghislaine Maxwell after new documents revealed their friendly exchanges, with CEO Mark Hoplamazian stepping in as chair to protect the company amid mounting scrutiny.
Regretful admission : Pritzker condemned Epstein and Maxwell’s actions, expressed sorrow for victims, and admitted “terrible judgment” in not distancing himself sooner from the pair.
Board transition : The Hyatt board immediately appointed CEO Mark Hoplamazian to succeed Pritzker as chairman, combining the roles while Pritzker steps away entirely.
No reelection planned : Pritzker, who served over two decades since 2004, will not seek reelection at the upcoming annual shareholder meeting.
Broader trend : His exit follows similar high-profile resignations by executives like former Goldman Sachs legal chief Kathryn Ruemmler, driven by Epstein file distractions.
Software bulls cling to lethal AI assumption
Software stocks have plunged 24% in three months as AI giants like OpenAI and Google disrupt the sector, yet Wall Street analysts keep raising earnings estimates, ignoring crashing prices that signal deep profit threats ahead.
Analyst Optimism Persists: Two-year forward earnings for software stocks rose 5% despite the sharp sell-off, highlighting a dangerous disconnect from market reality.
Valuation Collapse Accelerates: Sector PE multiples have fallen from 35 times to below 20 times, underscoring the severe “dark side” of AI disruption.
Expert Warns Of Broader Risk: Innovator Capital’s Tim Urbanowicz calls the sell-off significant, urging investors to prepare for AI threats extending beyond software.
Price Reveals Ugly Truth : Market prices reflect impending profit erosion from AI, demanding that bulls and analysts cut estimates to realistic levels soon.
I'm glad Pelosi is retiring, but she should be in prison for all the terrible things she has done,
One like insider trading which is illegal for anyone in the government. She though she could
get by with it. Even in Covid she thought she could be by with going to the beauty shop. What a fraud.
My heart does not bleed for the citizens of California who must personally pay higher prices at the gas pump. You get what you vote for. As a citizen, If you didnt vote, you get what you didn't vote for.