We may have the answer to Valero's California problem right here.
Marathon says eyeing U.S. refineries up for sale
Marathon Petroleum Corp (MPC.N) said on Tuesday it is eyeing U.S.
refineries up for sale. Marathon reiterated in its third-quarter earnings call that it would continue to look at all refinery assets that would fit its existing operations.
The company, which will reduce throughput at its refineries to 1.2 million barrels per day in the fourth quarter, from 1.37 million bpd in the previous quarter, said diesel exports continued to rise in the third quarter despite the debt crisis in Europe.
And again the AP is on the Quadruple story:
Valero Quadruples Earnings, Could Go So Far as to Close California Refineries due to Cap-and-trade (VLO)