(DCNF)—California Democrats are reportedly rushing to find a buyer for a refinery scheduled to shut down in 2026 as a potential gas crisis looms over the state, according to Reuters.
The California Energy Commission (CEC) is reportedly actively seeking buyers to stop the upcoming closure of the Valero refinery in Benicia, California, according to three people familiar with the matter that spoke to Reuters. Democrat officials are now reportedly scrambling to keep the refinery operating in California after enforcing stringent regulations that have helped prompt refineries to close across the state for years.
“CEC is engaging with market players to explore pathways for the continued operation of in-state refineries,” the agency told Reuters.
CEC did not specifically confirm that it is looking for a buyer to Reuters, but did say that it is working to ensure that the refinery stays open. Valero announced its Benicia, California, refinery closure in April, and Phillips 66 refinery is also scheduled to shut down by the end of 2025.
A spokesperson for Democratic California Gov. Gavin Newsom pointed the DCNF to Newsom’s recent comments about working with oil refiners and producers to help keep fuel supplies steady, as well as his April letter to CEC urging them to “redouble” efforts to cooperate with refiners.
Golden State residents already pay some of the highest prices at the pump across the U.S., though two major refineries scheduled for closure and strict regulations may spike gas costs to as high as $8 per gallon as soon as next year, according to one study from the University of Southern California.
Oil refineries have been closing in California for years, and the state hasn’t seen a new major refinery built in decades, according to the CEC. Programs like California’s “cap-and-trade” program combined with strict low-carbon fuel standards are contributing to regulatory pressures that are driving refineries out of the state, industry experts have previously told the Daily Caller News Foundation.
Critics like Republican California Senate Minority Leader Brian Jones also note that stringent regulations imposed by Democrats have pressured refineries to leave the state. The refinery closures, in tandem with more regulations going into effect, have led some California officials to worry about a potential gas crisis in the state.
CEC and Valero did respond to the DCNF’s requests for comment.
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The Biggest Threat to Your Retirement Is Actually a Very Good Thing
When you look at the headlines today, you’ll see experts in the retirement industry warning about big threats to your financial security:
- De-dollarization and the rise of BRICS
- Soaring national debt
- Unstable interest rates
- Weakened U.S. dollar
All of these are real concerns. But they aren’t the biggest threat to your retirement savings. The true risk isn’t political, monetary, or global.
It’s longevity.
Why Longevity Is the Silent Threat
For most of human history, the problem was the opposite — life expectancy was short, and few people even reached retirement. Today, thanks to medical advancements, healthier lifestyles, and better living conditions, people are living longer than ever before.
And while that’s a wonderful thing, it comes with a financial catch: Your retirement account has to last far longer than you might expect.
- A 65-year-old couple today has a 50% chance that one of them will live to 90.
- Some projections suggest that many of us will live well into our 90s, even 100+.
- This means your nest egg may need to stretch not for 15 years, but 25, 30, or even 40 years.
That’s where the real danger lies: running out of money before you run out of life.
The Retirement Equation Has Changed
While market volatility, debt crises, or central bank policies may feel like the scariest threats, they’re temporary storms. Longevity, however, is a structural shift. Every extra year of life is another year of expenses, another year of inflation erosion, and another year of financial pressure.
If your retirement plan doesn’t account for longevity, you could face tough choices later in life — downsizing, working when you’d rather not, or becoming financially dependent on others.
How to Take Control
The good news? Longevity is a blessing — as long as you’re prepared for it. With the right planning, your retirement savings can work for you instead of against you. The key is learning how to protect your wealth, outpace inflation, and ensure your savings grow even as you live longer.
That’s why our friends at Augusta Precious Metals created a free resource to help you get started:
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This brief report will show you practical strategies to safeguard your retirement from the biggest threat of all — the one that comes from the gift of living longer.
Don’t let longevity catch you unprepared. Take the steps today to secure tomorrow.
