Valero, the United States' second-largest refiner by capacity, is keeping all options 'on the table' for its two California refineries.
Last week, Phillips 66 said it would shut down its Los Angeles oil refinery by the end of next year. Now, refining peer Valero Energy Corp is suggesting it could be next. Valero , the United States’ second-largest refiner by capacity, is keeping all options “on the table” for its two California refineries. According to the company’s Chief Executive Lane Riggs, this is due to the increasing regulatory pressure that has pervaded California.
California, however, has the highest excise duty on gasoline of all the states. California legislators then adopted a law that allowed authorities to cap refiners’ profits whenever they see fit. Even more recently, California Governor Gavin Newsom signed a bill that would give state energy regulators the power to mandate fuel inventory levels for refiners and the ability to approve—or not—scheduled refinery maintenance.
Phillips 66 U.S. Refineries Regulation Los Angeles
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