Valero Refining Company-California plans to cease operations in April 2026, prompting urgent action from Benicia leaders. City Manager Mario Giuliani indicates that the city faces a potential $10 million loss on a $16 million budget. Multiple task forces are actively working to prepare for the financial impact and strategize action plans. Meanwhile, the California Energy Commission has not imposed penalties on excessive profits despite legislation passed in 2023. Commissioner Siva Gunda suggests a strategic pause on efforts to penalize oil companies, favoring alternative policies to ensure stable oil supply and pricing amid California's shift away from petroleum.
Benicia's City Manager Mario Giuliani emphasizes the urgency of finding solutions to the impending closure of Valero Refining Company, warning of significant revenue losses. With a projected $10 million loss on a $16 million budget, the city is preparing for a seismic shift as it communicates and implements action plans.
California Energy Commission Vice Chair Siva Gunda suggests a reassessment of strategies for oil supply and pricing. In a letter to Newsom, Gunda calls for a pause on penalizing oil companies, advocating for policies that will phase out petroleum-based fuels while ensuring market stability.
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