Latest news with #Valero
Reuters
19 hours ago
- Business
- Reuters
California should support fuel imports, find ways to retain refiners, regulator says
NEW YORK, June 27 (Reuters) - California's energy regulator on Friday issued recommendations to Governor Gavin Newsom to support timely fuel imports and explore ways to retain operations at existing refineries in the state. Newsom had earlier this year asked the California Energy Commission to recommend changes to the state's energy transition efforts, as it faces higher fuel costs from Phillips 66 and Valero's decision to shutter refineries supplying about 20% of the state's total fuel production capacity.
Yahoo
3 days ago
- Business
- Yahoo
St. Charles Parish park to receive $500K for upgrades
ST. CHARLES PARISH, La. (WGNO) — A more than $250,000 upgrade is coming to St. Charles Parish's New Sarpy Park. The park, located at 762 ES Johnson St., will be upgraded with a new playground set, fencing, backstop and pavilion over the basketball court. Design work for these improvements is currently underway. Beat the heat at these Greater New Orleans pools, splash pads and spray parks According to St. Charles Parish Parks and Recreation, the $250,000 donation comes from Valero. The Department of Parks and Recreation plans to match Valero's donation amount, bringing the total project funding to $500,000. Construction is scheduled to begin in early 2026 and is anticipated to be completed later that year. 'Partnerships like this are essential to helping us enhance the quality of life for our residents,' said St. Charles Parish Parks and Recreation Director Duane Foret. 'Valero's support allows us to move forward with improvements that will benefit families in New Sarpy for generations to come. We're excited to bring this upgraded park to life and provide a space the community can be proud of.'New Orleans' Jones Academy hosts Color Run to benefit students Lane of Bonnet Carré Spillway closed after overnight commercial vehicle trailer fire From racetrack to ballpark: Bristol's MLB transformation shifts into high gear Best New Car Warranties in 2025 Heat advisory issued for Wednesday until 7 p.m. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Newsweek
4 days ago
- Business
- Newsweek
Map Shows How US Gas Prices Have Changed Following Attacks on Iran
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump's strikes against Iranian nuclear facilities over the weekend elicited concerns about the potential for gas prices to increase. But they have mostly remained stagnant since Friday, before the attacks, and one analyst told Newsweek it appears that a cost surge at the pumps is unlikely at this point. Why It Matters The Trump administration on Saturday struck three Iranian nuclear sites—Fordow, Natanz and Isfahan—amid Tehran's war with Israel. American officials have long been concerned that Iran was working to develop nuclear weapons, but Iranian officials have maintained that its nuclear program is strictly focused on energy production. U.S. National Intelligence Director Tulsi Gabbard testified in March that Iran was not working on developing a nuclear weapon. Iran has already retaliated, issuing its own strikes against a U.S. military base in Qatar. Experts have watched to see if Tehran could take steps to disrupt the global oil supply, such as cutting access to the Strait of Hormuz, a major corridor for oil exiting the region. At the moment, Iran has not done so. What To Know Gas prices across the United States surged amid the growing tensions between Iran and Israel earlier in June but have only risen slightly in the days after Trump's strikes on Iran, according to data from AAA, which tracks gas prices in each state. Prices have even dropped a bit in some states like Florida. In most states, prices have only changed a few cents per gallon, if that, in either direction since Friday, according to AAA data. A Valero gas pump is seen in Austin, Texas, on October 22, 2024. A Valero gas pump is seen in Austin, Texas, on October 22, gas prices have seen larger increases over the past week as the conflict created more uncertainty about the cost of oil. In addition to strife in the Middle East, seasonal trends are at play. Gas prices typically increase in the summer, particularly ahead of the July Fourth holiday. This map shows how gas prices have changed from June 16 to June 23 amid the Israel-Iran conflict. Will Gas Prices Rise After Striking Iran? Patrick De Haan, head of petroleum analysis at GasBuddy, told Newsweek there are a lot of unknowns in terms of how the conflict could unfold, but dramatic increases in gas prices are not particularly likely over the coming days. "Oil prices are now plummeting by more than seven percent. Based on these new developments, I think what the market is essentially saying here is that the conflict is winding down. Iran has now responded, retaliated. The Trump administration has said they don't plan to retaliate. Iran may just be kind of ending this." What Is the Strait of Hormuz? The Strait of Hormuz is a passageway between the Persian Gulf and Gulf of Oman and a major corridor for oil transportation out of the Middle East. If Iran shuts it down, experts say, the price of gas could increase worldwide. Although Iran has discussed closing the strait for decades, it would "harm its own self interest" with a shutdown, De Haan said. "It would also harm its relationships with neighbors in doing so. It's something never happened—I don't like to lend it credibility," he said. "It's not just like closing a door. It's a waterway, so it would be extremely difficult for Iran to be able to pull something like that off." He said there are still "elevated" tensions, and that any further destabilization could sting. For now, however, markets are "betting the situation is in a de-escalation phase." Consumers concerned about gas prices should simply remain aware of what's happening but do not necessarily need to be rushing to fill up their tanks, De Haan said. "It doesn't rise, in my opinion, to the level of being very worried," he said. "Just being aware that the price of gas will probably be inching up as we approach July Fourth." What People Are Saying De Haan also told Newsweek: "My advice as an analyst is just don't be in any rush to fill your tank now because of oil prices dropping today. As long as that trajectory continues, as long as there's not any escalation, the drop in oil that I'm witnessing today could start to be filtered down to gas and diesel pumps in the next three to five days." Trump wrote on Truth Social earlier Monday: "To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!" Energy Secretary Chris Wright told CNBC on Monday: "I would not expect much movement of oil upwards from the tensions that are going on. We have seen a little bit in the run-up, but when it's clear where America stands, I'm not surprised that oil prices are moved down a little bit. They moved down maybe more than I would have guessed. But, no, I think we're in such a good position today. This American energy dominance that President Trump ran on, we're at record high production of oil today, record high production of natural gas." Bob McNally, president of Rapidan Energy Group, told CNN: "Unless there's a material interruption in gulf energy, production, or flows, I think any further spikes will be contained."
Yahoo
5 days ago
- Business
- Yahoo
‘Cannot do business in the state of California': Gas prices could hit $8/gallon as two refineries shut down
Two large California oil refineries are shutting down, triggering mounting concerns from state legislators, industry groups and many others. Assemblymember Mike A. Gipson of the Gardena district bluntly described his concern during a recent Sacramento hearing. 'This is a tremendous loss,' Gipson told NBC Los Angeles, referring to the looming closure of the Phillips 66 plant near L.A. "The jobs that it holds, the individuals… working each and every day, those individuals live in my district, they shop in my district, they add to the economy in my district." Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) The Phillips 66 and Valero's Benicia sites are set to close in 2026. Together, the shutdowns will eliminate nearly 300,000 barrels-per‑day of refining capacity — roughly 20% of the total used in the state. Valero attributed its decision to 'years of regulatory pressure (and) significant fines for air quality violations,' including an $82 million penalty levied in 2024. Phillips 66 similarly cited business challenges stemming from California's strict environmental regulations. "They have said that they cannot do business in the state of California," Gipson reiterated. 'The regulatory agencies have imposed on the refiners of California very stringent regulation that makes it very difficult for them to remain in the state of California.' The way Gipson sees it, the state should do everything it can to ensure that its remaining refineries stay in California. "These companies have been working to make sure they meet these standards, these goals and objectives that the regulatory agencies and legislature have set." With California processing about 24% of its own crude oil needs but consuming a far greater share — some 13.1 million gallons daily — the impact of these closures is significant: California drivers already pay the highest gas prices in the nation — around $4.85 per gallon, significantly greater than the $3.16 national average. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it With less local supply, experts warn of a potential impact that could range from modest spikes (less than $1 per gallon) to more dramatic spikes if supply disruptions occur. One particular analysis forecasts prices could even soar over $8 per gallon by late 2026. 'California can ill afford the loss of one refinery, let alone two,' said USC Professor Michael Mische in a May 2025 report. With fewer local refineries, the state will rely heavily on imported fuel — both from other U.S. regions and overseas — which would escalate shipping costs and increase emissions from tanker vessels at the ports as well as possibly the other refineries where the imported oil originates (they themselves may not be meeting sufficiently stringent environmental or quality standards). Each closure risks the loss of hundreds of direct and indirect jobs. The Benicia refinery supports about 400 employees, while Phillips 66 has around 900 workers and contractors. Layoffs will ripple through communities, hurting local economies and tax revenue. As California's refineries close, the state stands to gain and lose in different areas. For example, while local air will potentially be cleaner, pollution will increase at ports from tankers bringing in imported fuel. There may be a boost to clean-energy infrastructure and jobs, along with potential federal or state transition aid. However, the current industry will see large job losses and communities reliant on incomes related to local refinery work may suffer economically. The state will also rely on foreign markets and supply chains, making it more vulnerable to disruptions beyond its control. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
‘Cannot do business in the state of California': Gas prices could hit $8/gallon as two refineries shut down
Two large California oil refineries are shutting down, triggering mounting concerns from state legislators, industry groups and many others. Assemblymember Mike A. Gipson of the Gardena district bluntly described his concern during a recent Sacramento hearing. 'This is a tremendous loss,' Gipson told NBC Los Angeles, referring to the looming closure of the Phillips 66 plant near L.A. "The jobs that it holds, the individuals… working each and every day, those individuals live in my district, they shop in my district, they add to the economy in my district." Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) The Phillips 66 and Valero's Benicia sites are set to close in 2026. Together, the shutdowns will eliminate nearly 300,000 barrels-per‑day of refining capacity — roughly 20% of the total used in the state. Valero attributed its decision to 'years of regulatory pressure (and) significant fines for air quality violations,' including an $82 million penalty levied in 2024. Phillips 66 similarly cited business challenges stemming from California's strict environmental regulations. "They have said that they cannot do business in the state of California," Gipson reiterated. 'The regulatory agencies have imposed on the refiners of California very stringent regulation that makes it very difficult for them to remain in the state of California.' The way Gipson sees it, the state should do everything it can to ensure that its remaining refineries stay in California. "These companies have been working to make sure they meet these standards, these goals and objectives that the regulatory agencies and legislature have set." With California processing about 24% of its own crude oil needs but consuming a far greater share — some 13.1 million gallons daily — the impact of these closures is significant: California drivers already pay the highest gas prices in the nation — around $4.85 per gallon, significantly greater than the $3.16 national average. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it With less local supply, experts warn of a potential impact that could range from modest spikes (less than $1 per gallon) to more dramatic spikes if supply disruptions occur. One particular analysis forecasts prices could even soar over $8 per gallon by late 2026. 'California can ill afford the loss of one refinery, let alone two,' said USC Professor Michael Mische in a May 2025 report. With fewer local refineries, the state will rely heavily on imported fuel — both from other U.S. regions and overseas — which would escalate shipping costs and increase emissions from tanker vessels at the ports as well as possibly the other refineries where the imported oil originates (they themselves may not be meeting sufficiently stringent environmental or quality standards). Each closure risks the loss of hundreds of direct and indirect jobs. The Benicia refinery supports about 400 employees, while Phillips 66 has around 900 workers and contractors. Layoffs will ripple through communities, hurting local economies and tax revenue. As California's refineries close, the state stands to gain and lose in different areas. For example, while local air will potentially be cleaner, pollution will increase at ports from tankers bringing in imported fuel. There may be a boost to clean-energy infrastructure and jobs, along with potential federal or state transition aid. However, the current industry will see large job losses and communities reliant on incomes related to local refinery work may suffer economically. The state will also rely on foreign markets and supply chains, making it more vulnerable to disruptions beyond its control. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
