Valero Could Be Next To Shutter California Oil Refineries

Last week, Phillips 66 said it would shut down its Los Angeles oil refinery by the end of next year. Now, refining peer Valero Energy Corp is suggesting it could be next. Valero, the United States’ second-largest refiner by capacity, is keeping all options “on the table” for its two California refineries. According to the company’s Chief Executive Lane Riggs, this is due to the increasing regulatory pressure that has pervaded California. Oil refiners in California saw lower-than-average margins in late spring/early summer...