Jeremiah

Valero is taking a $1 billion dollar loss just to get out of California by April 2026 The company will not comply with Gavin Newsom mandates and instead is willing to lose a billion dollars to leave “When a company takes a billion dollar loss just to leave, you know something is seriously broken.” “Valero just wrote off $1.1 billion. That is the cost they are taking to walk away from California rather than keep operating their Benicia refinery past April 2026. — This facility processes 145,000 barrels of oil per day, representing 8.6% of California's entire gasoline production. 400 workers have lost their jobs. 200 contractors are The city of Benicia loses 17% of its entire budget, and California drivers, they are about to get hammered with the worst gas prices in American history. University of California Davis economists calculate a 40 cents per gallon increase the moment Phillips 66 closes their Los Angeles refinery this December. Then another 81 cents when Valero shuts down four months later in April. That totals a $1.21 per gallon increase by August 2026, your 15 gallon fill-up jumps from $70 to at least $95. The Stanford Energy Institute came up with even worse projections. They are showing potential spikes to $8 per gallon during supply disruptions. UC Berkeley's Severin Borenstein, who has been tracking California energy markets for decades, warns these closures could create severe gasoline shortages with unprecedented price increases. Here's the timeline that's about to wreck California's fuel supply: (shown)“