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Valero will shut down refining operations at its Benicia refinery by April 2026, removing roughly 9% of California’s refining capacity. The closure, paired with Phillips 66’s ongoing shutdown of its Wilmington refinery, is expected to cut state refining capacity by about 17%, with Valero recording $1.1 billion in impairment charges tied to both facilities. A UC Davis analysis projects these losses could raise gas prices by around $1.21 per gallon by mid-2026 if no interventions occur. While some worst-case estimates warn of far higher spikes, researchers note import options could soften the impact. Still, the California Energy Commission has floated contingency measures as concerns grow over supply reliability during the state’s petroleum phase-out.
NLDR (Noldor) Media24,962 views • 9 months ago
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