Part 5/12:
One of the most concerning developments is the imminent closure of major refineries in California. Notably, Valero and Phillips 66 plan to shut down facilities in Benicia and elsewhere, removing roughly 20% of the state's refining capacity. These closures threaten to push gasoline prices even higher, as the remaining refineries will be forced to produce a unique, low-carbon gasoline blend required only within California, reducing supply even further.