Tesoro's (TSO -4.9%
) proposed acquisition
of Arco and its Carson refinery for $2.5B faces increasing opposition
, LA Times
reports, as activists say the deal would reduce competition and raise prices for motorists. The deal is drawing fire, as California's average gasoline price hits a record $4.671/gal., because it would leave 51% of the state's refining capacity with just TSO and Chevron.