California Gov. Gavin Newsom signaled on Wednesday that state regulators are making progress on blunting the impact of the impending closure of two of the state’s nine gasoline-producing oil refineries, including one key Northern California refinery that the administration has tried to keep open.
What happened: Newsom (D) said in an interview in Belém, Brazil, on the sidelines of U.N. climate talks, that he would make an announcement soon based on the work of his principal lead on oil issues, California Energy Commission Vice Chair Siva Gunda.
“We have a task force led by Siva and a CEC team, and we’re gonna have more to say on refineries, literally [in] a matter of weeks,” Newsom said. “As it relates to Valero and Benicia, relates to what’s happening globally, not just nationally, not just California, with refineries.”
Why it matters: The oil industry and policymakers are closely watching the Newsom administration’s attempts to avert the collapse of the state’s refining capacity as Gunda has warned that abrupt closures could destabilize gasoline prices.
