Attorney General Becerra: California is preparing for trial to challenge proposed asset sale that could raise gas prices for Californians

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SACRAMENTO –  Attorney General Xavier Becerra today issued the following statement after a motion for preliminary injunction was denied in State of California v. Valero Energy Corporation. In this case, the State of California alleges that Valero’s attempt to acquire a critical petroleum terminal in Martinez, California from Plains All American Pipeline raises significant anti-competitive concerns and could result in higher gas prices: 

“As Attorney General of California, I will continue doing everything in my power to preserve a fair marketplace. If that means intervening in the proposed asset sale between Valero and Plains, then that is what we will do. In his order, U.S. District Court Judge William Alsup pointed out on numerous occasions that the State of California had raised serious questions about the potential of this transaction to lead to higher gas prices for hardworking Americans. We are now heading to trial, and our legal team is ready to make the case that competition would be suffocated if Valero is allowed to acquire the Martinez terminal under the terms of the current deal. No company should be able to unilaterally dictate how much our families pay at the pump.”

A copy of the order is attached to the online version of this release at http://oag.ca.gov/news