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Exclusive: In rare move, California steps in to find buyer for Valero refinery to avoid closure, sources say https://t.co/hRLRU8XjAe
California is racing to find a buyer for Valero’s Benicia refinery before its 2026 closure—fearing a 17% drop in fuel output and $8 gas. Talks are underway with HF Sinclair and a European firm. “It was a complete surprise,” says Benicia’s Vice Mayor. #Oil #Refining #California
California officials clearly aren't getting that it's the guardrails closing in on refiners that's the problem with wanting to buy a refinery- not necessarily the asset itself https://t.co/A8iGzto5Dd
California government officials are actively seeking a buyer for Valero Energy's Benicia refinery near San Francisco to prevent its planned closure in April 2026. The move is considered unusual as it involves direct intervention to maintain fuel production capacity. The closure of the refinery is expected to result in a 17% reduction in fuel output in the state and could drive gasoline prices up to $8 per gallon. Discussions are reportedly underway with HF Sinclair and a European firm as potential buyers. Local officials, including Benicia's Vice Mayor, expressed surprise at the situation. Meanwhile, in the UK, there are calls for the government to purchase the Lindsey Oil Refinery for £1 to avoid its closure, citing the need for infrastructure and fuel supply security following financial difficulties caused by cash extraction and debt-fueled acquisitions.
