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The move comes as refiners face growing regulatory and cost pressures in California, the largest U.S. gasoline market, where the state's emissions targets and proposed refinery transparency rules have weighed on long-term investment decisions. The Benicia converts an average of 145,000 barrels per day (bpd) of crude oil into motor fuels, according to the U.S. Energy Information Administration. "We understand the impact that this may have on our employees, business partners, and community, and will continue to work with them through this period," Lane Riggs, chief executive of San Antonio-based Valero, said on Wednesday.
U.S. crude stocks rose last week despite a major increase in exports, while fuel inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 515,000 barrels to 442.9 million barrels in the week ended April 11, the EIA said, compared with analysts' expectations in a Reuters poll for a 507,000-barrel rise. Meanwhile, crude exports rose 1.8 million barrels per day to 5.1 million bpd, the highest in about a year, the EIA data showed.
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