Chevron Seeks Variance From Air Board

Chevron Corp., citing problems at a refinery, sought California Air Resources Board approval to temporarily sell gasoline that does not meet environmental standards. The sale would involve as much as 3.5 million barrels of gasoline for a maximum of 45 days. Chevron would have to pay a 15-cent surcharge for each gallon of such gasoline it sells in California, or as much as $22 million.

Chevron would not say when it expects gasoline production to return to normal. Shares of the San Francisco-based company fell $1.81 to close at $97.13 on the NYSE.