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Podcast: News For Reasonable People
Episode: #2,586 - California Faces Gas Price Surge as Valero CEO Warns of Potential Refinery Shutdowns
Description: Valero Energy Corp, the second-largest U.S. oil refiner, has hinted at the possibility of shutting down two major California refineries. The company cites increasing regulatory burdens as the reason behind considering "all options" for its operations. This comes after Governor Gavin Newsom implemented a law requiring oil refineries to maintain minimum fuel reserves, aiming to control price fluctuations. Critics argue that these measures could further constrict California’s gasoline supply, driving prices even higher in the state with the nation’s highest gas costs. The potential refinery closures could impact not only California but also neighboring states that rely...