- Associated Press - Monday, September 18, 2017

SAN FRANCISCO (AP) - The Valero Energy petroleum company says it is giving up plans to acquire the last independently owned petroleum terminal in the San Francisco Bay Area.

Valero said in a statement Monday that it is dropping its purchase of the Martinez petroleum terminal hub rather than wage a long court battle over it.

California Attorney General Xavier Becerra (HAH-vee-air beh-SEHR’-ah) had sued to block the transaction.

Becerra says Valero’s purchase of the Plains All American Pipeline facility would have put all three Northern California petroleum-shipping hubs in the hands of refineries.

He says that would have stifled competition and might have raised gas prices.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide