# Gavin Newsom's office shared a screenshot of a news article detailing how the oil giant expected first-quarter earnings to rise between $1.6 billion and $.

*business · news · 2026-04-09 · New York Post*

## Key points

- Chevron expects first-quarter earnings to rise by $1.6–$2.2 billion due to higher oil prices.
- Chevron warned Newsom that proposed Cap-and-Invest amendments could close refineries and spike gas prices.
- Chevron has started purchasing oil from Sable Offshore Corp amid Newsom's opposition to renewed oil pumping.
- Californians have paid $24–30 billion extra on gasoline since January 2025 compared to the U.S. average.

**Companies:** Chevron
**Countries:** United States

[Read the full story on New York Post](https://nypost.com/2026/04/09/us-news/gavin-newsom-escalates-war-on-chevron-as-gas-prices-creep-towards-6-gal/)

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