Would You Take A $1 Billion Dollar Loss Just To Get Out Of California?
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)”
The $billion is immediate or close to it, but I guarantee that they’ve calculated that the long term financial benefits make this the right decision.
I live in Benica. This exodus has had the city buzzing for months. A lot of hand-wringing going on, but this is a blue city, and even though it is the most affluent city in the county, libs can never connect the dots.
Of course, this is on Newsom, but these idiots will never admit it.
Liberals never feel the loss of someone else’s money.
We have 7 gas station in about a 3 mile radii. 3 of them are Volero.
Would you stop paying federal income tax just to stop the theft in Washington DC?
The MSM has not blamed this on President Trump yet. What’s taking them so long?
Wait, isn’t Valero a Venezuelan owned company?
It was in the 80s. If still, that would mean even the socialists know that socialist crap is bad for business. They are here to make money in capitalism so they can fund their dictatorship.
It’s always the good guys that make life possible for even the cancer amongst us. Can’t take from others if they don’t have anything to take. That’s why they’re here. To take from the fruits of capitalism and hate it while they’re doing it.
I sold everything I owned other than two suitcases of clothes to move to California as a 19 year old idiot.
That was 1978 and I was back in Michigan four weeks later starting over with nothing.
I hated the place a week after getting there.
Citgo is the Venezuelan company. Valero is based in San Antonio. Their biggest refinery is just miles from me. ExxonMobil’s two biggest refineries are near me. I filled my F-150 today with Exxon gas. The price was $2.19 per gallon. With my ExxonMobil retiree discount, I pay well under $2.00.
Valero has a huge refinery down in Port Arthur, Texas. I’m the impression they’re set up to refine heavy/sour Venezuelan and similar oils. It’s definitely not run to California standards. I was down there back in March, and I think they were burning off the catalytic fluid beds. At 10 pm at night the flare looked kind of like the eye of Sauron searching for the ring, with Mt Doom smoking away…. I may have been some kind of incident, I don’t really know. But a scene like that in Kali would have had the minions in the street blocking traffic… 🙂
Didn’t CA mandate that by 4/26 all motor vehicles must be powered by unicorn farts ?