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Valero’s Billion-Dollar Exit: Newsom’s Regulations Fuel California’s Gas Crisis
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Valero’s Billion-Dollar Exit: Newsom’s Regulations Fuel California’s Gas Crisis
California’s energy sector is reeling from Valero Energy Corp.’s decision to shutter its Benicia refinery by April 2026, a move that underscores the mounting toll of stringent state regulations on the industry’s viability. The Texas-based refiner announced it would absorb a staggering $1.1 billion write-down rather than navigate Governor Gavin Newsom’s escalating mandates, citing prohibitive costs and regulatory pressures. This closure eliminate…
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