Valero is denying California regulators' accusations of price gouging amid a drop in crude oil prices, pointing instead to the state's regulatory environment.
could do to address logistics or other obstacles that have contributed to the price increases. He also demanded that refiners explain why they supposedly allowed inventory levels to drop despite "for months, or in some cases years" that planned maintenance would occur.
He noted that Valero has planned maintenance activity but said the company has planned accordingly to meet its contractual obligations to its customers. Folwarkow blamed low inventories on post-COVID’s growing demand and limited supply. He said the higher prices in California than in the rest of the U.S. had to do with the state being the "most expensive operative environment in the country and a very hostile regulatory environment for refining.
He argued that the state’s policies have made it difficult to increase refining capacity and have prevented supply projects to lower operating costs of refineries. "Adding further costs, in the form of new taxes or regulatory constraints, will only further strain the fuel market and adversely impact refiners and ultimately those costs will pass to California consumers," he said.
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