A profitable refinery didn’t fail — it fled. Valero Energy chose to burn $1 billion just to leave California, shutting down its Benicia refinery years early and walking away from 8% of the state’s refining capacity. Crippling fines, volatile carbon credit mandates, and nonstop regulatory pressure made staying worse than losing a billion dollars. When a World War II–era refinery with trained workers and existing infrastructure can’t find a single buyer, the message is clear: California’s energy p
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A profitable refinery didn’t fail — it fled. Valero Energy chose to burn …
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