Part 7/11:
In an effort to stave off refinery closures, State Governor Gavin Newsome and legislators are debating whether to fund repairs and ongoing operation costs. The idea is to provide public subsidies—ranging from tens to hundreds of millions of dollars—to extend the life of the aging plants, at least through the next election cycle.
Negotiations are reported to be ongoing, with legislators under a tight deadline to pass bills by late Tuesday or early this week. Valero's shares initially dipped on news of the potential bailout but quickly recovered, signaling a cautious optimism among investors.