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Valero to Close California Refinery Amid Gas Price Crisis

1/10/2026

46 11 Full Breakdown

Summary

Story summary

Valero Energy Corporation will close its Benicia refinery in California by April 2026.
Governor Gavin Newsom (D-Calif.) said Valero will import gasoline to support consumers during the transition.
Industry leaders say Newsom's policies contributed to the current supply crisis.
California gasoline prices average $4.22 per gallon.
Newsom's price gouging legislation has not uncovered any wrongdoing.

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Story summary

Valero Energy Corporation will close its Benicia refinery in California by April 2026.
Governor Gavin Newsom (D-Calif.) said Valero will import gasoline to support consumers during the transition.
Industry leaders say Newsom's policies contributed to the current supply crisis.
California gasoline prices average $4.22 per gallon.
Newsom's price gouging legislation has not uncovered any wrongdoing.