Part 2/11:
Valero’s Benicia refinery, one of California’s key assets, announced the possibility of shutting down by April 2026. This move, compounded by Philip 66’s plan to close its Southern California refinery earlier this year, would reduce California’s ability to produce its specialized blend of gasoline by approximately 17%. These closures threaten to cause gasoline prices to skyrocket, with some experts predicting costs could reach unprecedented levels—up to $12 or even $8 per gallon, according to local predictions and academic estimates.