The potential closure of Valero's Benicia refinery, the sixth-largest in California, is likely by next April due to strict state regulations on fossil fuels. Valero CEO Lane Riggs highlighted California's challenging regulatory environment as the main reason for the decision, claiming it is the toughest in North America. The impact of the refinery's closure would not only affect oil production, which constitutes about 9% of the state's supply but also have significant economic implications for Benicia, as nearly 20% of the cityâs budget depends on the refinery's operations.
"California has been pursuing policies to move away from fossil fuels for really the past 20 years," Riggs said, calling the state's regulations 'the most stringent and difficult of anywhere else in North America.'
"We need to get moving on this quickly because 12 months is not a long time given the severity of the economic impact," said Young, noting that nearly 20% of Benicia's $60 million budget comes from the refinery.
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