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California Considers Taking Over Some Oil Refineries
California is "considering state ownership of one or more oil refineries," reports the Los Angeles Times. They call the idea "one item on a list of options presented by the California Energy Commission to ensure steady gas supplies as oil companies pull back from the refinery business in the state...
The drop in demand is causing fundamental strategic shifts among the state's major oil refiners: Chevron, Marathon, Phillips 66, PBF Energy and Valero. Already, two California refineries have ceased producing gasoline to make biodiesel fuel for use in heavy-duty trucks, a cleaner-fuel alternative that enjoys rich state subsidies. The options list is disparate: Ship in more gasoline from Asia; regulate refineries on the order of electric utilities; cap profit margins; and many more.
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