David Sacks

Chevron's now relocated to Houston.

They're shutting down the largest refinery on the West Coast because of the policies and the,

the bureaucracy and how do we balance this climate change green interest with the real hard cost for everyone on the price of living in the state?

But it's hard.

So now we've got the 70 cents a gallon tax in California.

The legislature has passed a series of bills to make that tax go up and up and up.

One of the other big costs in California related to housing and related to this climate change question is the cost of insurance for your home.

We have this massive wildfire that spread, destroyed a large part of areas in Los Angeles.

last year and as a result, many of the home insurance companies have left the state.

I just lost coverage on my home because I live near a bunch of trees.

So my house is deemed too risky to have coverage.

And I'm fortunate in that I don't have a mortgage that I've got to deal with the loss of insurance coverage.

But this is becoming an increasing burden for the state of California because the states had to step in

and create a bigger and bigger insurance pool that financially and accounting wise, the state can't really afford.

How do we solve this problem of the cost of homeowners insurance?

What's the right structural solution here for either incentivizing the return of insurance companies, creating an insurance pool that's well capitalized and can actually afford to make the payouts instead of needing to go to the federal government when there's a crisis and ask for a bailout.

How do we fix this problem in California?

I mean, I think it's insane that the state sets rates and then tells the insurance companies how much to charge and assumes they're going to stick around and keep charging it if they can't make money doing it.

Why not let the market decide?

There's hundreds of insurance companies that if they were able to set their own rates,