- 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 welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide