Part 5/9:
The Oil Refinery Collapse
California’s oil refining sector exemplifies the challenge. The Valero refinery in Benicia, which supplies a significant portion of the state’s gasoline, is on the brink of closure. Despite efforts to secure financial aid and legislative exemptions, the long-term outlook remains grim.
Major refineries face decommissioning as policies favor “clean energy” initiatives, environmental restrictions, and the push to eliminate fossil fuels. The impending shutdown of Valero and Philip 66 facilities could remove roughly 17.5% of the state’s refining capacity, leading to soaring gas prices and energy insecurity.