SAN FRANCISCO — 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.