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ADDITIONAL INSIGHT
Policy
Cleaner Fuels, Higher Stakes: Washington’s Bold New CI Reduction Path
June 17, 2025
What are the likely consequences of increasing the carbon intensity (CI) reduction schedule for a state low carbon fuel (LCF) program fast or deep enough to make compliance uncertain or unlikely? We may be about to find out! HB1409 – a bill recently passed by the Washington state legislature and signed into law by Washington Governor...
Policy
The 45Z Tax Credit Gets a “Big Beautiful” Alteration
June 4, 2025
We recently covered the state of the Clean Fuels Production Credit (better known as 45Z for the section of the tax code) in our article 45Z – Emerging From the Mists published back in January. That article discussed the preliminary guidance for implementation of the 45Z credit which was published in the final days of...
Economics
Arizona and Nevada Brace for Impact as California Refinery Exodus Creates Gasoline Supply Crunch
June 3, 2025
Valero Energy Corporation’s announcement that it may close its Benicia refinery by April 2026 has sent shockwaves through the western U.S. energy markets. Stillwater has published several articles on how this shutdown, along with the Phillips 66 Wilmington closure by the end of 2025, will greatly impact transportation fuel supply on the West Coast. But...
Economics
2025 Cost Showdown for Drivers: Is Hydrogen Fuel Cheaper Than Gasoline?
May 28, 2025
Back in 2022 we published our first article comparing the cost of hydrogen with that of gasoline. (Read: How does the cost of Hydrogen stack up against gasoline?) But we’ve recently received questions from readers and clients wondering if that analysis holds true today. In answer to those questions, we’re updating this analysis with the...
News
How will Valero’s Benicia refinery shutdown impact West Coast fuel supply?
May 12, 2025
On Tuesday, April 15th, Valero Energy submitted notice to the California Energy Commission of its intent to idle, restructure, or cease refining operations at its Benicia refinery by the end of April 2026. Stillwater published an article analyzing the potential impacts of this closure on California’s gasoline market (Benicia Blues: Valero’s Shutdown Signals Trouble for...
Economics
Running on Empty: The Decline of Gasoline Demand in California
May 2, 2025
Earlier this month, Valero announced that it currently intends to close its Benicia refinery in California, partly due to declining gasoline sales in the state. Since the peak in gasoline sales in 2004, California’s refineries have faced a significantly different business environment compared to the previous 50+ years. By examining California’s historic and projected gasoline...
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