Valero announced potential closure or restructuring of its Benicia refinery by April 2026, citing California's stringent regulatory environment as a significant factor. This move could further elevate already high gas prices in the state. The announcement follows substantial fines for toxic emissions violations. Experts warn that if multiple refineries close, California may lose 300,000 barrels of refining capacity daily, leading to increased consumer gas prices and heightened dependency on foreign refineries, compounding price volatility.
Valero's plan to potentially cease operations at its Benicia refinery highlights how strict regulations in California are pushing refineries to close, risking even higher gas prices.
Analysts predict that if Valero and Phillips 66 both shut down, California will lose about 300,000 barrels per day of oil refining capacity, worsening current supply issues.
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