California Faces $6 Gas Again—Oil Giant Valero Shuts Down Refinery After Record $82 Million Fine
November 7, 2025
MSN News
Severin Borenstein, Energy Institute Faculty Director, elaborates in MSN News on the implications of refinery shutdowns on rising gas prices and the resulting market inefficiencies.
“’A refinery shutdown in California isn’t replaced by a refinery in Texas; it’s replaced by a tanker crossing the Pacific,’ Borenstein explained.”
Photo: msn.com