Tesoro California Plant Swap Proposed as Antitrust Antidote

As gasoline prices in the state soared amid refinery and pipeline outages, intensifying regulatory scrutiny of record gasoline prices in California may force Tesoro Corp. (TSO) to sell its Los Angeles-area refinery to complete a $1.18 billion purchase of a larger BP Plc (BP/) plant in the state. “This market is not for everyone,” said Amy Myers Jaffe, executive director of energy and sustainability at the University of California, Davis. “Californians are going to have to choose between the ideal environmental regulations and prices.”

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