Name: WSJ Opinion: National Security Concerns from California to Social Media
Uploaded: 2026-03-20T21:09:00Z
Duration: 23 min 32 s

https://www.barrons.com/client

Topics

Memberships

Tools

Customer Service

Network

Newsstand

For Business

For Education

For Advertisers

Account

About Barron's

bolded

unBolded

“We don’t see technology undermining our existence, we see technology helping us,” says Max Hollein, the CEO of the Metropolitan Museum of Art.

https://m.wsj.net/video/20260325/2a63586d-e782-4dc5-be2e-df80e32a8ed2/1/hls/manifest-hd-wifi.m3u8

Museums in the Age of AI

Max Hollein, the CEO of the Metropolitan Museum of Art, tells Barron’s Andy Serwer why more people are donating to museums and cultural institutions.

https://m.wsj.net/video/20260325/f1104bdd-a20a-46e0-917c-9292190d83a5/1/hls/manifest-hd-wifi.m3u8

The Changing Landscape of Philanthropy

Jonathan Steinberg, founder and CEO of WisdomTree, tells Barron’s Andy Serwer how gold and metals can be a strong alternative to the dollar and Bitcoin.

https://m.wsj.net/video/20260320/d4b49c1b-42b9-4eaa-b914-6f227f593d6c/1/hls/manifest-hd-wifi.m3u8

WisdomTree CEO Is Going All In on Gold

Max Hollein, the CEO of the Metropolitan Museum of Art, discusses philanthropy, artificial intelligence, museum security, and more.

https://m.wsj.net/video/20260319/1835a4d4-fe5e-422f-b02f-a35b4f6a7272/1/hls/manifest-hd-wifi.m3u8

This CEO Runs One of the Biggest Museums in the World

Jonathan Steinberg, founder and CEO of Wisdom Tree, sat down for an interview with Barron's editor at large Andy Serwer.

https://m.wsj.net/video/20260312/4427cde3-1850-4fbf-92bc-ec8c7f47f1ae/1/hls/manifest-hd-wifi.m3u8

WisdomTree CEO on ETFs, IDing Macro Trends, and More

As remote and hybrid work continues, Elizabeth Brink and Jordan Goldstein, co-CEOS of the architecture firm Gensler, tell Barron’s Andy Serwer how the firm is adapting to office design post-Covid.

https://m.wsj.net/video/20260310/9eee4aa4-a86b-4762-9860-8fe7dce15ef3/1/hls/manifest-hd-wifi.m3u8

Redesigning the Office As a Destination, Not an Obligation

Elizabeth Brink and Jordan Goldstein, co-CEOS of the architecture firm Gensler, discuss how their leadership model works for their company.

https://m.wsj.net/video/20260310/69de6812-eedd-4c37-8d4c-33823d11fd03/1/hls/manifest-hd-wifi.m3u8

Co-Leading and Collaborating at Gensler

Elizabeth Brink and Jordan Goldstein, co-CEOS of the architecture firm Gensler, sat down with Barron's editor at large Andy Serwer.

https://m.wsj.net/video/20260306/da75551e-1f3b-4bb6-9d48-1d7eb40aee2a/1/hls/manifest-hd-wifi.m3u8

Gensler Co-CEOs on Nvidia, AI, and 'the 20-Minute City'

At Barron's

"Your 9-5...is just not going to do it," Nick Magguilli, personal finance expert, said on Barron's Streetwise podcast.

https://m.wsj.net/video/20251216/e6897805-d131-4cc4-9c59-ca03b0c0b958/1/hls/manifest-hd-wifi.m3u8

How to Scale Your Net Worth

TJ Thornton, Head of Global Research Product Marketing at BofA Securities, talks to Jack Hough about his favorite stocks outside of AI.

https://m.wsj.net/video/20251210/f9c1a95c-5a0e-4349-9fe4-73b3ac53bfb8/1/hls/manifest-hd-wifi.m3u8

BofA’s Favorite Non-AI Stocks

Jack Hough talks to TJ Thornton, Head of Global Research Product Marketing at BofA Securities about diversifying stocks to hedge AI risks.

https://m.wsj.net/video/20251210/8e164ff7-1500-4c2f-8713-e891c640a0f4/1/hls/manifest-hd-wifi.m3u8

Evaluating Investing Opportunities Beyond AI

Steve Quirk, chief brokerage officer at Robinhood, breaks down the value of tokenizing stocks in different markets.

https://m.wsj.net/video/20251126/f86d65ea-bd8b-4777-b6b0-80f7bb12027e/1/hls/manifest-hd-wifi.m3u8

Unpacking Tokenization for Everyday Investors

Jack Hough talks to Steve Quirk, chief brokerage officer at Robinhood, about trends in retail investing.

https://m.wsj.net/video/20251126/a9cbdcc6-f060-4fc9-a15e-396924e25946/1/hls/manifest-hd-wifi.m3u8

How Robinhood Reshaped the Trading Landscape for an Entire Generation

Streetwise host Jack Hough sat down with strategist Scott Wren to discuss how the AI-fueled market run stacks up against the dot-com boom.

https://m.wsj.net/video/20251111/bd2e1a5b-1a6e-4543-8133-dcc63f69b5dc/1/hls/manifest-hd-wifi.m3u8

AI vs. The Dot Com Bubble

Bank of America’s Haim Israel shares what’s next for Nuclear Energy development.

https://m.wsj.net/video/20250930/ab4fc336-af44-4af2-8e40-9ae6f04a445e/1/hls/manifest-hd-wifi.m3u8

The Outlook For Nuclear

Jack talks to Lyft CEO David Risher about growth potential in the company.

https://m.wsj.net/video/20250929/ae62b70e-912b-4ce7-ae63-1b2652628bae/1/hls/manifest-hd-wifi.m3u8

Lyft's Ride to Profit

The stock market is expensive. What does that mean for your portfolio? Jack sits down with Franklin Templeton’s Matt Quinlan to talk dividend investing, and whether it’s a good move in a pricey market.

https://m.wsj.net/video/20250911/9c85e132-d710-4458-9467-aa69d4f25ae0/1/hls/manifest-hd-wifi.m3u8

Dividends and Capital Appreciation

Barron's Streetwise

“They don't want to wait for the advisor to hand them the performance report,” says Mollie Colavita, CEO of J.P. Morgan Advisors. “They want to consume on their terms and then have a conversation about it with you.”

https://m.wsj.net/video/20260310/eafd1ea2-90cf-4e84-89ec-38bf035de8c0/1/hls/manifest-hd-wifi.m3u8

Clients Want Direct Access to Information When They Want It

Interviews with top wealth management professionals about topics including compensation, hiring, marketing, next-gen, and more.

Mollie Colavita, CEO of J.P. Morgan Advisors, recommends that advisors seek out a group of trusted people who can act as a sounding board to help address pressing issues.

https://m.wsj.net/video/20260311/f79ee94f-8475-4cea-97a7-5c3dcdc6ea53/2/hls/manifest-hd-wifi.m3u8

The Benefits of Having a ‘Personal Board of Directors’

Mollie Colavita, CEO of J.P. Morgan Advisors, discusses the importance of financial advisors adopting a CEO mindset in their practice.

https://m.wsj.net/video/20260310/d371a9d3-65fe-414e-bade-5b3ed915d16d/1/hls/manifest-hd-wifi.m3u8

Why Advisors Should Think and Act Like a CEO

Mollie Colavita, CEO of J.P. Morgan Advisors, discusses how new AI tools are being rapidly adopted by advisors, resulting in improved efficiency and enhanced client relationships.

https://m.wsj.net/video/20260310/595b6817-9225-4f9a-8ae8-b391eeed555b/1/hls/manifest-hd-wifi.m3u8

How AI Tools Can Help Streamline Advisor Workflows

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, says that “listening to everybody’s ideas will help make the team great.”

https://m.wsj.net/video/20260224/400c8545-54da-42c8-89a5-e62f8d0ecf8d/1/hls/manifest-hd-wifi.m3u8

‘Leading With Empathy Is the Most Important Thing’

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, discusses activities that are not work related that encourage mingling and engagement across different roles.

https://m.wsj.net/video/20260224/2d52248b-c26d-45c4-b0bf-cf5786f9e9c2/1/hls/manifest-hd-wifi.m3u8

Ways to Foster a Friendlier and Fun Team Culture 

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, says her team hosts activities, including nature walks for women, who often become friends and sometimes business partners.

https://m.wsj.net/video/20260224/743c8742-df59-4b75-8c6d-e272e7e366cb/2/hls/manifest-hd-wifi.m3u8

Be More Intentional About Business Development

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, says COOs must ensure that compliance, human resources, business development, marketing, and team culture are all in sync.

https://m.wsj.net/video/20260224/f894db37-780d-4063-8455-46acc418d2ad/1/hls/manifest-hd-wifi.m3u8

How the COO Role Is Similar to Being an Orchestra Conductor

Nancy Daoud, CEO of Opus: Advice First, a private wealth advisory practice of Ameriprise Financial Services, says that alts have become “one of the most important components of portfolios in more recent years, probably in the last eight to 10 years.”

https://m.wsj.net/video/20260210/0f15cdfa-d2c2-466d-9a75-7f02d1b92ddb/1/hls/manifest-hd-wifi.m3u8

The Growing Importance of Alternative Investments

Barron's Advisor The Way Forward

A “willingness to roll up your sleeves and understand the issues that your clients are facing, not just from an investment perspective,” is common among the industry’s most successful, says Kelly Gaur, a Mercer Advisors regional vice president.

https://m.wsj.net/video/20260319/318adb2f-a888-4f30-b182-c791e27f98ab/1/hls/manifest-hd-wifi.m3u8

Best Advice for Someone Considering Wealth Management as a Career

Kelly Gaur, a Mercer Advisors regional vice president, says she was drawn to working for a registered investment advisor partly because they generally offer a more personalized, modern approach to wealth management.

https://m.wsj.net/video/20260318/5575e9ca-0b48-4fb9-8e43-82aae1b3e3fc/1/hls/manifest-hd-wifi.m3u8

The Appeal of Working for an RIA

“The best client development professionals are those who have served clients in some capacity,” says Kelly Gaur, a Mercer Advisors regional vice president.

https://m.wsj.net/video/20260318/c1638929-6b21-4573-9deb-4f78e1ffa1d7/1/hls/manifest-hd-wifi.m3u8

Client-Facing Experience Can Help Advance Your Career

The Mercer Advisors regional vice president discusses her business development role and tips for breaking into the industry and gaining valuable experience in a non-advisory capacity.

https://m.wsj.net/video/20260318/f2c2c9a5-cb67-4167-a48b-7fe4a9285615/1/hls/manifest-hd-wifi.m3u8

Kelly Gaur: Tips for Pursuing Non-Advisor Roles in Wealth Management

“You want to make sure that everybody's excited and prepared and that you're all pulling the rope in the same direction,” says Nate Fisher, managing director and wealth advisor at Carson Wealth.

https://m.wsj.net/video/20260305/20285ef5-c115-435f-9291-e4f2d5b166a9/1/hls/manifest-hd-wifi.m3u8

A Successful Transition Requires Honesty and a ‘Heavy Lift’

Young advisors considering a succession plan should maximize engagement with clients because “it can take a long time to gain that trust and build those relationships,” says Nate Fisher, managing director and wealth advisor at Carson Wealth.

https://m.wsj.net/video/20260305/236fdaa2-5acb-48e9-b16d-e20b58846487/1/hls/manifest-hd-wifi.m3u8

Succession Planning and Establishing Trust With Clients

The Carson Wealth managing director and wealth advisor says his decision to partner with the firm was driven by the need for increased capacity for holistic services and a clear succession plan for his retiring father.

https://m.wsj.net/video/20260305/33bb1217-c8be-4358-ba17-6238cbab6fa1/1/hls/manifest-hd-wifi.m3u8

Nate Fisher: Lessons Learned From a Successful Partnership

As trust grows, advisors tend to spend less time discussing investments and more time on clients’ families and well-being, says Nate Fisher, managing director and wealth advisor at Carson Wealth.

https://m.wsj.net/video/20260305/d2d3903a-994f-4ae7-82be-706929930b3d/1/hls/manifest-hd-wifi.m3u8

Trusted Advisors Focus Less on Investments, More on Clients' Lives 

Serving tech founders is a full-time, long-term effort that often requires significant upfront work before a successful, revenue-generating relationship is established, says Katie Partridge, a Morgan Stanley private wealth advisor.

https://m.wsj.net/video/20260219/abc63bad-4c7a-474b-b4a8-b4feae461375/1/hls/manifest-hd-wifi.m3u8

Landing Founders as Clients Requires Patience and Hard Work

Barron's Advisor Next Generation

The capture of Venezuela’s Nicolás Maduro and Middle East tensions are reshaping oil supply expectations. The U.S. is intervening in energy markets in decades-unseen ways. Experts break down what’s next for oil, gas and energy stocks.

https://m.wsj.net/video/20260212/9779ec13-602a-4a38-bb73-495ff464a24f/1/hls/manifest-hd-wifi.m3u8

Oil and Gas in a Volatile World

For the first time in decades, U.S. power demand is rising - driven by AI data centers, EVs and electrification. Utility and clean-energy stocks are climbing, but costly buildouts threaten affordability. We explore what’s next for the power trade.

https://m.wsj.net/video/20260212/81a81fdd-47b4-44f6-93d1-7597a7fab032/1/hls/manifest-hd-wifi.m3u8

The Gold Rush in Electricity

Will Nvidia and other technology companies keep powering the stock market in 2026? We'll speak with two veteran money managers about their views on tech and their favorite stocks for the coming year.

https://m.wsj.net/video/20251212/5683d7a0-ed1f-4e3c-b913-bb3367ea3abd/1/hls/manifest-hd-wifi.m3u8

Finding Bargains in a Pricey Market

Explore what could go right for investors, and what could go wrong, in a year that will see the AI trade evolve, the Fed's leadership change, and global competition for resources increase in this 2026 Outlook.

https://m.wsj.net/video/20251212/573f5954-c4ab-43e9-804d-f1ea93fbb70c/1/hls/manifest-hd-wifi.m3u8

Meeting the Challenge

Stocks are expensive, risks abound, and AI is about to change the world. Other than that, building a calamity-proof retirement portfolio should be a cinch. Tune in as two veteran money managers size up the markets and share their investment ideas.

https://m.wsj.net/video/20250211/17a5e7d6-7c36-44b0-a35e-bf5ac3a24194/1/hls/manifest-hd-wifi.m3u8

Saving for a Sunny Day

Research shows that people greatly underestimate the healthcare costs they’ll face in retirement. Learn from experts how to estimate those costs, prepare for potential long-term care needs, and manage healthcare expenses in retirement.

https://m.wsj.net/video/20250211/e7c022d9-badf-4e95-8e7c-0b6fce9f7823/1/hls/manifest-hd-wifi.m3u8

Are You Fiscally Fit?

Surging power demand, new energy sources, and growing competition have spurred the utility industry to become more innovative than ever before. Our panelists will unpack the changes afoot and explore what lies ahead for companies, customers, and investors.

https://m.wsj.net/video/20240917/001ea098-1fcc-4da5-9f0e-a3b149bbb2fb/1/hls/manifest-hd-wifi.m3u8

Not Your Father's Utility

Modernizing America's grid will take creativity and money -- lots of money. Learn how players across the power sector can achieve their electrification goals and serve new customers without breaking the bank for consumers.

https://m.wsj.net/video/20240917/bd6bd43a-bb07-4b7f-9d1c-6ae04220bea9/1/hls/manifest-hd-wifi.m3u8

Ready for a Revamp?

The launch this year of Bitcoin ETFs has made it easier for investors to buy and trade the cryptocurrency. But is that a wise move, and if so, how much crypto should you own?

https://m.wsj.net/video/20240529/cbb77f15-ef70-445d-85ae-5f02c24ea1ef/1/hls/manifest-hd-wifi.m3u8

Investing in Cryptocurrencies

Barron's Roundtable

Whether you're leading a transition, building a scalable team, or just trying to stay ahead of the curve, this episode will give you practical insights to lead smarter and grow stronger.

https://m.wsj.net/video/20251010/fd26d60b-d1e6-409b-b51b-101da4aaa368/1/hls/manifest-hd-wifi.m3u8

Next-Gen Leadership Meets Smart Innovation

Electric vehicles sales are growing but not at the pace some expected. Some would-be buyers worry about the range of EV charging, and others are swayed by politics. But innovators from Detroit to Silicon Valley still envision a dramatic shift in how we get around. What’s going on and what’s next?

https://m.wsj.net/video/20240603/5784fa60-791c-47ad-9740-42e4553de5c4/1/hls/manifest-hd-wifi.m3u8

Forces Shaping EV Adoption and the Future of Driving

Success in improving the power grid to accommodate the electricity demands of the future will be a boon for companies doing the work and utilities that succeed. Explore the investing risks and opportunities.

https://m.wsj.net/video/20240522/2b825c69-2687-4d88-923b-0c8f523a2f67/1/hls/manifest-hd-wifi.m3u8

How to Invest in Initiatives to Bolster the Power Grid

Joanna Rotenberg, Fidelity's president of personal investing, discusses ways to make investing more accessible and how to bolster your own financial security.

https://m.wsj.net/video/20231025/8ad733df-ac90-41fd-9655-7761b3e0532c/2/hls/manifest-hd-wifi.m3u8

Mind the Gap: Demystifying Investing

Reshma Kapadia sits down with Cozy Wittman of College Inside Track to discuss how to tackle all things college, from what admission officers are seeking today, to navigating the different ways to funding higher education and evaluating the ROIs.

https://m.wsj.net/video/20230515/b7229011-05cc-42ec-9c16-1d7752ec668d/1/hls/manifest-hd-wifi.m3u8

Decoding the College Search and Financing Puzzle

Nicole Webb, financial advisor and SVP at Wealth Enhancement Group, shares ways to navigate the real estate market this spring whether you are a first-time buyer, a retiree downsizing or someone who is relocating or looking for a second home.

https://m.wsj.net/video/20230424/93eb00e1-caf0-4e83-9fc7-b502a57dc546/1/hls/manifest-hd-wifi.m3u8

Pro Tips on Buying and Selling a Home

Reggie Fils-Aimé, former president and COO of Nintendo of America, joins Barron's deputy editor Alex Eule to discuss his unlikely rise to the top, and the risks he took once there to beat the odds and achieve success.

https://m.wsj.net/video/20220630/61e2296d-ab1a-4216-ae65-24676447c616/1/hls/manifest-hd-wifi.m3u8

How Nintendo's Former President Disrupted the Gaming Industry

2050 Wealth Planners co-CEO Lazetta Rainey Braxton, Sequoia Financial Planners vice president Elizabeth Scheiderer, and MoneyZen founder Manisha Thakor offer tips on how to prepare for recession, inflation, caregiving needs.

https://m.wsj.net/video/20220617/a71025ce-518b-49b9-b098-21417863f8ce/1/hls/manifest-hd-wifi.m3u8

Financial Advice for the Inflation-Weary

Families and advisors have a lot to navigate when it comes to generational wealth transfer. Add sustainable investing to the list. Examine strategies to help close the generational divide. From the Dow Jones Energy & Sustainability event series.

https://m.wsj.net/video/20230210/85cbf3f9-b5ab-4bfa-93c6-f8e8a247d386/1/hls/manifest-hd-wifi.m3u8

Sustainable Investing and the Wealth Transfer

Barron's Events

Level Up

Barron's Explains

Back to Business

Great Investors

MarketWatch

Video Center - Barron's home

The Trump administration gets more serious about California's oil and gas vulnerability and how it might impact national security, ordering the resumption of a project in federal waters off California's coast. Will the state's security weakness play a role in Governor Gavin Newsom's quest for the White House and commander-in-chief role? Plus, social media sites highlight the problem of adversaries spreading AI-generated video propaganda. Photo: Chris Arbisi

https://m.wsj.net/video/20260320/e7a1682e-d52d-47dc-bf5e-18c1c54b6862/1/hls/manifest-hd-wifi.m3u8

The Trump administration gets more serious about California's oil and gas vulnerability and how it might impact national security, ordering the resumption of a project in federal waters off California's coast. Will the state's security weakness play a role in Governor Gavin Newsom's quest for the White House and commander-in-chief role? Plus, social media sites highlight the problem of adversaries spreading AI-generated video propaganda.

WSJ Opinion: National Security Concerns from California to Social Media

The White House gets more serious about California's oil and gas vulnerability and how it might impact national security, ordering the resumption of operations at a project in federal waters off California's coast. But is it taking seriously enough the national security threats in media world, namely from TikTok?

Announcer: From the Opinion pages of "The Wall Street Journal," this is "Potomac Watch."

Welcome to "Potomac Watch," the daily podcast of "The Wall Street Journal's" Opinion pages. I'm Kim Strassel, your host today, and joining me are two of my absolutely brilliant colleagues, Bill McGurn and Alysia Finley to talk about how this war in Iran is exposing some interesting weaknesses here on the home front. Let's start in California with the news, Energy Secretary, Chris Wright, last Friday directed Sable Offshore Corp. to restart operations at an oil and gas project in federal waters off the California coast, as well as a pipeline that carries crude oil to onshore distribution networks. That pipeline hasn't operated since a spill in 2015, which has stranded this offshore production. Alysia, tell us a little bit more about this project and why Chris Wright engaged in this order.

Well, this project has been ongoing for a few years, and the owner of Sable Corp. which bought the platform and the pipeline from other operators, because they figured these were stranded oil, this was stranded oil and gas molecules because the state was refusing to permit the pipeline to reopen. So even though the production of oil and gas production was occurring in federal shore or federal offshore waters, the state, it still needs some state approvals to reopen the pipeline to connect to onshore facilities that would connect to pipelines, to distribute to refineries. Now, the Chris Wright, the Energy Secretary, invoked the Defense Production Act on the grounds that California's increasing dependence on foreign crude, to a large extent now, and also refined fuels, it poses a national security risk. And the reason for that is that the state now imports about 60% of the crude that its refineries rely on. And that's about up from about 5% in the mid-1980s. And the reason for that is just California crude production has plunged in part because the state has restricted where companies can drill wells, but also restricted the kinds of techniques like fracking techniques that can actually produce more oil from older oil fields and shale. And as a result, California's production has been declining and now the increasing imports create vulnerabilities, namely though, we're seeing is about 1/3 of California's imports come from the Middle East and therefore flow through the Strait of Hormuz and those have kind of been stranded. And the other concern is that you could get an attack on maybe a marine terminal, an import terminal, and refineries wouldn't have enough, in-state refineries wouldn't have enough supply. And this could create vulnerabilities for the military installations on the West Coast that rely on the in-state refineries. So there were many national security concerns at play here.

You know, Bill, I'm always struck by California, which loves to throw its weight around, right? It's constantly pointing out it's the biggest economy in the country and it tries to use that weight to force policy changes around the whole nation. So, you know, it adopts these very draconian electric car regulations, which puts Detroit in a bind. Essentially, if Detroit wants to have sales in California, it has to force everyone else in the nation to buy these little battery-run cars or its cage-free egg mandate. If you wanna sell an egg in the state of California, which a lot of poultry people do, it's a big market, your hen has to have, you know, the chicken equivalent of a four-bedroom house. But, you know, it strikes me it goes the other way too, right? I mean, California is a very large and strategically important area of this country. And the United States government has an interest in making sure that California has its basic security house in order. California, I mean, Alysia just walked through the problems with its crude production and how it's fallen. The state also has limited pipelines and interstate pipelines so it can't easily bring oil or gas in from other states. And we've got 50 military installations on the West Coast that depend on a lot of this. So I guess my question to you is, do you think Wright was correct to use the Defense Production Act to order this and, you know, is there more that the United States should be doing here?

I think he's absolutely correct. Unfortunately, it's the second best option. The best option would be for California gets it house in order and stop with these ridiculous regulations. It's not that the regulation itself is so bad, it's just that they take it to the nth degree and they don't settle for reasonable. They settle for this absolutest kind of position and they're foisting the cross on the rest of America. I mean, so I think the federal government has a few options, which some exercise and that's all to the good. It'd be far better if people realize this is not working for California. I wonder why the Republican party can't seem to get that message through. California is a rich state, but it's now a rich people state, meaning you have to be rich to live well there. It really punches working and middle class families and everything from housing to, you mentioned gas costs, and so forth. I'm just wondering how long they can go with that message.

Yeah, and it's why so many of those average Americans are fleeing California and moving to places where they can live a little better. You know, Alysia, we had some, we had another editorial this week that talked about yet another vulnerability in California, not necessarily one the federal government has moved on yet. But there was this new analysis by the Alliance for Innovation and Infrastructure and it's talking here about California's refining capacity and what has changed there since the 1980s. These very costly tax regulations such as its cap and tax program have made it very uneconomic to try to run a refinery there and declining refining capacity has been causing shortfalls and price spikes. My understanding, Alysia, is that Northern California only has three refineries left and one of these is actually gonna shut imminently while the other two have problems. This obviously matters because as most people understand, it's not just about having access to oil and gas, you have to have access to refined and usable products. Tell us a little bit more about California's refining operations and what that is meaning in particular to like our Coast Guard readiness and our Air Force specific operations.

So, California has long, actually had excess refining capacity, but its refining capacity has declined by about 50% since the 1980s, and actually about 25% over Governor Gavin Newsom's term or two terms. So that's about six years. And that is a direct result of regulations that make it, as you point out, uneconomic to operate these refineries. That includes the low-carbon fuel standard cap and trade program and a lot of permitting headaches. Whenever you need to upgrade something, it costs hundreds of millions of dollars. And therefore, when it comes time to do these upgrades, they just decide it's not worth it, and they decide to shut down the refineries, in some cases, some of the refineries have actually been converted to producing renewable diesel because of very rich federal and state tax credits. Now, the problem is that renewable diesel won't help the Air Force or the Coast Guard if there is a conflict. And you pointed out that Northern California will now have only two refineries, and there will be, at least according to this report, a deficit of, and this is approximate, 35% of the region's demand for gasoline. Now, they're just meaning that about 35% of its refined products are gonna have to be imported. And there really is no way around that. The state actually doesn't have any pipelines to even connect the northern and southern regions. There's actually a little more refining capacity in Southern California, but you can't actually ship that or move those products up north. And the concern here is that there, the Travis Air Force Base in Northern California relies on one refinery in particular, the Chevron refinery in Richmond, which has had mechanical problems. And one reason is because of the expense of doing operating and doing maintenance on these plants, and you have to actually get new permits every time. So it's actually a deterrent that's a discouragement and a deterrence from actually making the technical fixes that you need. So they just do like small patches and that results in more equipment failures. But the other concern is when you have, you're reliant on one refinery, there's also, by the way, another PBF Energy refinery up there, but that doesn't produce fuel for the military. When you're reliant on only one, you know, one facility, that provides or the adversaries kind of one strategic target. And there are a number of ways that they could try to take down that refinery if they wanted, as I mentioned earlier, cyber attacks, drone attacks. And then, what would happen? Well, then the state would have to import more fuel from abroad, which could take weeks to get there. And the bases in the region would be, at least in a time of conflict, would be left without fuel and couldn't actually deploy troops. So that is a major military readiness concern. We don't really know what is happening behind the scenes, how the Defense Department is trying to strategize, war game, and prepare for this. I think that from what I'm told is they are aware it's an issue. But the bigger problem is California's policies or California's policymakers that includes Gavin Newsom's regulators as well as the Democrats and the legislature, no matter, you know, what they say, they don't seem to really be taking these concerns or threats seriously. And they have ambitions just to shut down even more of these refineries.

Yeah, and I would know, I mean, while California's problem is more acute than most of the country, like in general, we have a bit of a refining problem in this country. We've not built, I think a lot of Americans would be surprised to hear this, but the last major refinery that we actually built, we built in the 1970s, and we on the whole would be better off if this was something we were a little bit more serious about. Bill, Alysia just gave an interesting name in her answer, Gavin Newsom, you know, a lot of this has happened, in fact, a great deal of California's problems that they've been building for a while, but a lot of it has happened under his two-term tenure. And this is a guy, I think this is notable, his ambition is to be president of the United States. And of course, as you well know, having worked in the White House, the number one job of a president is commander in chief. And here's a guy who's clearly got no interest, no knowledge, no seriousness at all about California's role in national security. In fact, has taken steps to make California and by extension the entire country more vulnerable to hostile actors. And moreover, it's playing politics with this right now trying to suggest that California's high prices, energy prices are somehow the fault of Trump and this war, when in fact almost the entirety of the reason is because of California's own policy. What does this say about Gavin Newsom and his readiness to be president? And will it, or should it, you know, be a factor if he decides to run?

I think it's a damning indictment, but on the other hand, who else in the Democratic party is better? He's a big state. He's just pandering to what he thinks is a establishment in the Democratic party. I think he's largely right. The problem that he has is that it's not 2015, people don't believe a lot of the little orthodoxies that they used to believe. And even if they do believe, there's a lot of contradictory evidence out there. So when you're president, for example, this is great for governors, you can blame Trump, the war is causing the prices. With presidents, you can't blame anyone, you're stuck with it. And as you say, I think a lot of people are gonna have their doubts about Governor Newsom listening to this kind of stuff. It doesn't look like he's given a moment's thought to national security or taking it seriously. And so, I can't even disagree with his policies on defense 'cause I wouldn't know what they were. He hasn't articulated them and he's just punching at a straw man the whole time. And that's a great advantage, by the way, a president has. These adversaries often seem lost in trivialities or not relevant while the President is every day making consequential decisions. I don't think it's good for the Democratic party, though, if Gavin Newsom is the face of the future.

Yeah, I mean, this is traditionally a problem for governors who wanna run for president, is showing their national policy, national security policy chops. And I think he's got a way to go there. Let's slide over to another topic, there's a connection to national security, Federal Communications Chairman Brendan Carr, who has become a bit of the Trump administration's chief censor as it were over the weekend took to social media to lambaste the quote, "Fake news media." And threatened to yank broadcast licenses saying, "The law is clear, broadcasters must operate in the public interest and they will lose their licenses if they do not." He was complaining about their coverage around war and he added, "Frankly, changing course is in their own business interest since trust and legacy media has now fallen to an all-time low of just 9% in our rating's disasters," end quote. Alysia, I totally agree about the press credibility point, especially with conservatives, but obviously there are maybe a little First Amendment issues here and it isn't also this kind of nuts in that it exposes again the weirdness of this two-tiered system we have now in which cable news can basically say anything at once. And yet, you've got a couple of these broadcasters that are under this constant government threat.

Right. So it's, I would put it's the wrong missile at the wrong target here. Broadcasters actually have, you know, suffered from declining viewership for decades. And that's in part because of a rise of cable networks as well as now in recent years or maybe the last decade or so, streaming, and increasingly people are getting their news from actually social media and YouTube, and streams, to some extent, stream news over the web. And so, their audiences are declining. And that's ironically why Brendan Carr is actually, to his credit, been facilitating mergers or licensed transfers in order to help make local broadcasters more competitive. No, I don't necessarily think that that's gonna arrest their decline, but it will make them actually give them a fighting chance. Now, the issue is that, broader issue is that the FCC doesn't really have the authority to direct these broadcasters around or bully them around, say, you know, "We don't like what you're airing, your coverage," because that it infringes on the First Amendment rights of the broadcasters. Now, Brendan Carr makes this argument that the broadcasters are required to, as a result of their licenses, are required to act in the public interest. But that's a very vague standard, you know, different administrations would surely apply that differently. And so, I think it yet, you know, heaven forbid, a Democratic government or Democratic president like Gavin Newsom, you know, they may announce, use that very vague standard to try to censor conservatives. So I think that that's a very dangerous precedent. I think, at some point, the Supreme Court may be asked to take up the question of whether this public interest standard is even constitutional because it's so vague. But I think the more important issue is that this violates the First Amendment speech rights of the broadcasters.

Yeah, you know, Bill, all of that I agree with. Alysia also mentioned the wrong target here and it really surprised me to see this tweet come out because we do have a problem, it's just a problem in another area. And that problem in this wartime environment is social media, which by the way, even Donald Trump has been complaining about. Social media is actually the top news source for most Americans, even though that just pains me to say so. And it's also becoming this main way that adversaries spread anti-American propaganda. If you go online, you know, and I've seen some of this, we now have these pro-Iran social media accounts who are sharing these fake AI images, for instance, of like captured American soldiers being held at gunpoint by Iranian troops, or bases being blown up. The President, over the weekend, complained about a fake video of the USS Abraham Lincoln aircraft carrier burning out in the ocean. And here's what really struck me. That image was trending in China, which means that it obviously had the support of Beijing doing it because it sensors its, it monitors its sites. And that brings us to TikTok, which, you know, Congress passed this law requiring that TikTok divest from its Chinese parent, ByteDance, The President instead came up with this deal, but it doesn't really solve the problem, ByteDance still owns the algorithm and the license. I think it's still very much in violation of the 2024 law. Are we looking at the wrong place here? And I mean, would the President be in a better situation going after like a thing like TikTok rather than beating up on CBS?

Yes, because, undoubtedly, what's coming is gonna be far worse. This is just the beginning. I've seen some of those images of the Iran War, it's incredible. And in China they're looking at 'em not knowing they're false. We can discuss AI generated fakes that are out there, but for a lot of people it's real. They don't know the providence of some of these things. So make for some kind of thrilling movies. But I think we have to put our trust in a free press and hope that with the freedom, yes, there'll be people that do bias reporting as we all know what it is, but you open the door for someone new to come with a better message. You know, someone who can give the counter message in some way. I don't think you get there by regulating. There's some need for a little regulation to keep the traffic going. But I don't think we're ever gonna get there by regulating. And what I really worry about is not that we fail to get where we wanna go, we create incentives for someone coming in, a Democratic administration, which will be far less shy about using regulations to push even more doubtless things. And failing that, I think we have the solution right here. Alysia's a resident of California, she should be named governor or run for governor. I think you'll have "The Wall Street Journal" backing and I think then all would be right with the universe.

I couldn't agree more. We don't endorse but we would probably make an exception for Alysia, right?

Right.

I think the other thing, the least we could do is maybe not allow the Chinese Communist Party to use a platform to surveil Americans and manipulate these algorithms. So thank you, Bill. Thank you, Alysia. We also want to thank our listeners for tuning in. We are here every day. We will be back next week with another episode of "Potomac Watch." If you like the show, please do hit the Subscribe button and you can write to us at pwpodcast@wsj.com.

Political videos providing critical perspective and analysis that goes beyond the “what” of Donald Trump’s Washington, and also explains the “why.”