Valero’s Billion-Dollar Exit: Newsom’s Regulations Fuel California’s Self Induced Gas Crisis

California is facing a major shake-up in its energy sector. Valero has announced a $1.1 billion exit from its Benicia refinery, choosing to shut down operations rather than continue under California’s strict regulatory environment. This closure could remove nearly 9% of the state’s in-state gasoline production—and analysts warn it may intensify the ongoing gas price crisis.