Part 8/11:
The fallout from refinery closures could be severe. Chevron, with a history in California spanning nearly 150 years, has already relocated its headquarters and is contemplating pulling out of the state due to unfriendly regulatory environments. The closure of multiple refineries could eliminate a significant portion of California's refining capacity—up to 17%—which would inject volatility into the supply chain and drive prices even higher.
University forecasts suggest that if both Benicia and the nearby Phillips 66 plant close, gasoline prices could soar well past $8 per gallon, severely impacting consumers and the broader economy.