California’s slew of policy mishaps has led the Golden State to be branded as the "the most mismanaged state in the union" by "Shark Tank" star and investor Kevin O’Leary.
"I don’t mean any disrespect when I say it, the management at the state level and municipal level is the worst of every state in the union," the O’Leary Ventures chairman said on "The Evening Edit" Wednesday.
The criticism comes after oil giant Chevron announced that the company could take a $4 billion hit to profits for impairment charges for its oil assets in California, blaming the state’s hostile environmental regulations spearheaded by progressive lawmakers.
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"Who would give a dime to California to invest in energy when the regulatory environment is so punitive, you can't make money? And that's what Chevron's telling everybody," O’Leary expressed.
In April 2023, the "Shark Tank" star announced his plans to build his own oil refinery in the U.S., suggesting that the massive initiative could cost $14 billion once he finds a state that wants to "work" with him.
The "Shark Tank" star said that he doesn’t "put money in California." Instead, the seasoned investor chooses to do business in states like North Dakota, Virginia, Oklahoma and Texas, arguing that "they’re competing" for his money.
"Gavin Newsom, and I mean no disrespect, I like that guy. I've met him personally. I wouldn't let him manage a candy store. He is so clueless to the competition going on between states," O’Leary said.
But California’s energy regulation isn’t the only "bad policy" to come out of the state’s legislature, according to O’Leary.
The blue state is among the 22 states in the U.S. opting to increase minimum wage, ultimately forcing business to cut some of their employees to accommodate the law.
"When you put policy in place like this, which make the average business in America, which is small business, five to 500 employees at 60% of the jobs we create in this country. It makes it impossible for them to stay in business," he said.
"This is bad policy administered by weak managers," O’Leary explained on "The Big Money Show" last week.
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FOX Business’ Kristen Altus contributed to this report.
