Passed the same Chevron this evening and premium now over $7
Chevron also closed the same of its 95 acre SF Bay Area world headquarters… beautiful campus in every way and modern up to date.
Decision was made to relocate to Texas as have many other top Bay Area firms…
Tribute, still has to get paid though......
(I glommed through a fairly large document a while ago from the Cato institute, concerning the economics and tax policies of Ancient Rome. Calling the parallels to today eerie is an understatement - meaning in general, not just Cali specific.....).
Cali is not a small economy (haven't looked at #'s lately, but probably not dissimilar to Canada's), but still, the exodus of notable companies generates a hit on multiple levels. Corporate taxes tend to be low, but the lion's share of the tax revenue attaches to the jobs in-State, and the subsequent spending (buying $7/gal gas....) of those same employees, some/many of whom would be highly-paid.
Speaking from a Canadian perspective, those shortfalls
will be compensated for..... as the only thing a gubmint has to be slightly competent at is generating tax revenue.....
Hidden or multi-tiered taxes (whether you deal with them directly as a consumer, or have them passed through (another deliberate layer of obfuscation) by the business you deal with) all feed into price increases, along with direct material and labour-cost inputs.
TCO is an old Intel acronym.... Total Cost of Ownership, but it does apply to Residency...... when an individual or corporation repeatedly runs the #'s, and always comes up with
Not Worth It, then change usually follows....
The labour-cost and Availability component is a good example..... unless you like living outdoors/in a cardboard box, who wants to live in a high-cost environment while making low wages.......
Rgds, D.