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Tesoro Corp. won federal and state clearance for its purchase of BP’s Carson refinery, Arco stations and other assets for $2.4 billion, an acquisition that would further concentrate the state’s fuel-making capacity into only two players — Tesoro and Chevron Corp.
The twin actions Friday were immediately blasted by consumer advocates as a disaster for California consumers, who already pay some of the nation’s highest gasoline and diesel prices.
Tesoro and Chevron would control more than half of the refining business in California, which the activist groups contend would allow the two companies to influence what customers pay at the pump.
That criticism came despite conditions laid down by California Atty. Gen. Kamala D. Harris that sought to preserve the Arco brand’s standing reputation as the low-price leader in the state’s gasoline market.
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By Ronald D. White and Bettina Boxall, Los Angeles Times
May 17, 2013, 6:30 p.m.