Bingo. I could share quite a few stories of government mandates from ignorant politicians that led to complete shortfalls of goods and services.
It'll take a while, the oil companies will first move as much business personnel and facilities out of CA as possible.
They may even disassemble refineries and sell them to foreign nations, and write off the loss.
Actual oil wells in CA may be wound down and capped (if CA tries to keep that oil in CA), for the fed tax and investment write off.
Once most all operations are out of CA, then CA has no control over supply or price, the oil companies can sell elsewhere for market price.