Free Republic

Lawmakers in California at both the state and federal levels are warning that refinery closures could push prices higher while leaving the state more dependent on foreign oil. At the center of the warning is the planned shutdown of two major refineries: Valero’s Benicia facility and Phillips 66’s Los Angeles plant. Together, the closures would eliminate nearly 20% of California’s in-state refining capacity, according to Reps. Vince Fong and Stan Ellis, both Republicans from Bakersfield. Valero, which has operated its 170,000-barrel-per-day Benicia refinery for roughly 25 years, announced it will close the site in 2026 because of high operating costs...

A Russian fighter jet has been shot down near the city of Nova Kakhovka in Ukraine's southern Kherson region, according to the Armed Forces of Ukraine. In a statement on social media, the air force command of Ukraine's armed forces said that at around 8 p.m. Tuesday, a unit of Ukraine's anti-aircraft missile forces shot down a Russian fighter, "presumably an Su-35," in the area of ​​Nova Kakhovka. It said that the Russian Sukhoi Su-35S fighter aircraft, worth $85 million per unit, attempted to attack an aircraft belonging to Ukraine's air force. "There is visual confirmation of the downing of...

MCLEAN, Va.—When Charles E. Haldeman Jr. became Freddie Mac's chief executive officer in August, the ailing housing-finance giant had already consumed $51 billion of government money to stay afloat. It's likely to need even more. Freddie's federal overseers nevertheless have instructed Mr. Haldeman to focus on something that isn't likely to make the bleak balance sheet look any better: carrying out the Obama administration plan to allow defaulted borrowers to hang onto their homes.