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Strike is imminent at large Northern California refinery Chevron (NYSE: CVX)

Chevron retail gas station.  Chevron originates from the Standard IV . Petroleum Corporation

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More than 500 workers at Chevron’s (NYSE:CVX) Richmond, Calif., Refinery told the company that they will continue attack at midnight tonightAP reported, after negotiations failed to reach an agreement on a new labor contract.

Chevron is said to have started transfer some operations to substitute workers at a 245K bbl/day refinery near San Francisco.

According to AAA, if the strike closes the refinery, it could affect gasoline supplies in California, which has the highest fuel prices in the US.

United Steelworkers union and US refineries reached a national agreement last month offers 12% salary increases over four years to ~30,000 members of unions at oil and chemical companies, but each local union negotiates its own contract that covers employer-specific issues machine, and Richmond workers twice voted against Chevron’s offer.

Pointing to the stock’s strong year-to-date performance, JP Morgan recently downgraded Chevron to Sell rating.

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