In a rare move to safeguard California’s fuel supply, state officials are actively seeking a buyer for Valero Energy’s Benicia refinery, according to a report Wednesday from Reuters citing sources familiar with the matter.
Valero, the nation’s second-largest refiner by capacity, plans to shut down the 145,000-barrel-per-day facility by April 2026. The closure reflects declining fuel demand in the state and growing regulatory pressure on fossil fuel producers.
But with gasoline prices in California already the highest in the nation — averaging $4.484 per gallon on Wednesday compared to a national average of $3.155, according to AAA — the state is taking steps to prevent further market disruption…