Connect with us

Business

California gas prices surge 40 cents to $4.58 amid refinery closures

Published

on

California gas prices surge 40 cents to $4.58 amid refinery closures

Gas prices have surged in California in recent weeks as the state’s supply is constrained due to recent reductions in refining capacity.

The price of gas rose 40 cents in about two weeks, with the average price of gas across the state of California at $4.58 a gallon – an increase from $4.46 the prior week and $4.18 two weeks before that, according to data from AAA.

Advertisement

Those figures are well above the national average of $2.92 a gallon. California’s gas prices are the highest of all states, topping $4.37 a gallon in Hawaii, $4.15 a gallon in Washington and $3.68 a gallon in Oregon.

Rising gas prices in California come amid a reduction in oil refining capacity due to the wind down of operations at Valero’s refinery in Benicia, as well as the previous closure of the Phillips 66 refinery in Los Angeles. 

GAS PRICES FALL IN JANUARY, GIVING AMERICANS A BREAK AT THE PUMP

Vehicles pass the Phillips 66 Los Angeles Refinery Wilmington Plant on Nov. 28, 2022 in Wilmington, California.

The Phillips 66 Wilmington refinery near Los Angeles previously closed. (Mario Tama/Getty Images)

The closure of the Benicia refinery, located in Northern California, leaves just six operating refineries in the state, which is the largest consumer of fuel among all states except for Texas.

Advertisement

Two others are located in the Bay Area, including Chevron’s Richmond refinery and PBF Energy’s Martinez refinery. The other four are located in Southern California – Marathon’s Los Angeles refinery, Chevron’s El Segundo refinery, PBF Energy’s Torrance refinery and Valero’s Wilmington refinery.

The tightening refining supply prompted the California state senate’s Republican caucus to write a letter to Democratic Gov. Gavin Newsom that called for a special session to address the worsening “cost and supply crisis” created by state policies targeting the oil and gas industry.

CALIFORNIA ‘TRULY AT A BREAKING POINT,’ STATE SENATOR SAYS AS REFINERIES CLOSE AND GAS PRICES SURGE

Valero refinery in Benicia, California

Valero’s Benicia refinery is scheduled to close, reducing the refining capacity in the state of California. (Paul Morris/Bloomberg)

“California is truly at a breaking point. Refineries are closing, supply is diminishing, and my constituents are paying more at the pump every single day,” Republican state Sen. Suzette Martinez Valladares said in a report by FOX Business’ Jeff Flock that aired on “Mornings with Maria.”

Advertisement

“It isn’t theoretical, this is happening right now. And the longer we wait to address this issue, the more instability and volatility we’ll see here in California,” she added.

TRUMP CONSIDERS CAPPING STATE GAS TAX, SIGNALS POSSIBLE RELIEF FOR CALIFORNIANS

For the country as a whole, gas prices have trended down over the last year, according to the latest consumer price index (CPI) data from the Bureau of Labor Statistics.

Advertisement

The BLS’ January CPI inflation report showed that gas prices are down 7.5% over the last year and that prices declined 3.2% from the prior month.

Nationwide energy prices have been largely flat in the last year, with the CPI showing the energy index down 0.1%.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Declines in gas prices have been somewhat offset by rising prices for electricity and utility gas service, which are up 6.3% and 9.8% over the last year, respectively.

Advertisement

FOX Business’ Arabella Bennett contributed to this report.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Thiel’s secretive Rome conference draws Church attention

Published

on

Thiel’s secretive Rome conference draws Church attention


Thiel’s secretive Rome conference draws Church attention

Continue Reading

Business

Norovirus outbreak sickens 153 on Star Princess cruise ship, CDC says

Published

on

Norovirus outbreak sickens 153 on Star Princess cruise ship, CDC says

More than 150 people onboard a Princess Cruises ship became ill with norovirus during a Caribbean voyage this week, according to the Centers for Disease Control and Prevention (CDC).

The outbreak occurred aboard the Star Princess during a voyage from March 7 to March 14, according to the CDC’s Vessel Sanitation Program (VSP), which monitors illness on cruise ships.

Advertisement

Those reported sick included 104 passengers and 49 crew members — out of 4,307 passengers and 1,561 crew members in total, the CDC said.

The outbreak was reported to the VSP on March 11, less than a week after the voyage began.

BABY FOOD RECALLED NATIONWIDE AFTER DANGEROUS TOXIN FOUND IN FEDERAL TESTING RAISES HEALTH CONCERNS

Princess Cruises' Coral Princess exterior

A Princess Cruises vessel, pictured here, at sea.  (Princess Cruises / Fox News)

According to the CDC, the most commonly reported symptoms were diarrhea and vomiting, which are typical signs of norovirus infection.

Advertisement

In response to the outbreak, Princess Cruises increased cleaning and disinfection procedures, isolated sick passengers and crew members, and collected stool samples from ill individuals for testing, the CDC said.

GROUND STOP LIFTED AT MAJOR DC-AREA AIRPORTS AFTER CHEMICAL ODOR DISRUPTS AIR TRAFFIC CONTROL

Ship officials also consulted with CDC health officials about sanitation practices and reporting cases, according to the agency.

Coral Princess closeup

Closeup look of the Coral Princess at a port.  (Princess Cruises / Fox News)

The VSP is conducting an environmental assessment and outbreak investigation to help the ship control the spread of the illness.

Advertisement

The tracking site CruiseMapper showed the vessel docked in Fort Lauderdale on Saturday before continuing its voyage. Its itinerary indicated the ship was scheduled to visit Princess Cays in the Bahamas later Sunday.

Norovirus is a highly contagious virus that commonly causes vomiting and diarrhea and can spread quickly in close quarters such as cruise ships, according to health officials.

CDC Sign

FILE: A view of the sign of Center for Disease Control headquarters is seen in Atlanta, on Aug. 6, 2022. (Nathan Posner/Anadolu Agency via Getty Images / Getty Images)

The CDC notes that illness totals reported during a cruise represent the cumulative number of cases across the entire voyage — not necessarily people who were sick at the same time.

CLICK HERE TO GET FOX BUSINESS ON THE GO

Advertisement

Cruise ships are required to report gastrointestinal illness cases to the CDC, which tracks outbreaks and works with cruise lines to implement sanitation and containment measures when they occur.

FOX Business has reached out to Princess Cruises and the CDC for further comment.

Continue Reading

Business

My 6-8% Yielding Money Machine Choices For Early Retirement

Published

on

My 6-8% Yielding Money Machine Choices For Early Retirement

This article was written by

Samuel Smith has a diverse background that includes being lead analyst and Vice President at several highly regarded dividend stock research firms and running his own dividend investing YouTube channel. He is a Professional Engineer and Project Management Professional and holds a B.S. in Civil Engineering & Mathematics from the United States Military Academy at West Point and has a Masters in Engineering from Texas A&M with a focus on applied mathematics and machine learning.Samuel leads the High Yield Investor investing group. Samuel teams up with Jussi Askola and Paul R. Drake where they focus on finding the right balance between safety, growth, yield, and value. High Yield Investor offers real-money core, retirement, and international portfolios. The service also features regular trade alerts, educational content, and an active chat room of like-minded investors. Perspective: “Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where neither moth nor rust destroys, and where thieves do not break in or steal; for where your treasure is, there your heart will be also … For what will it profit a man if he gains the whole world and forfeits his soul?” ~ Jesus (Matthew 6:19-21; 16:26)Learn more

Analyst’s Disclosure: I/we have a beneficial long position in the shares of MPLX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Advertisement
Continue Reading

Business

Saudi Arabia stocks lower at close of trade; Tadawul All Share down 0.06%

Published

on


Saudi Arabia stocks lower at close of trade; Tadawul All Share down 0.06%

Continue Reading

Business

Alexander & Baldwin earnings on deck as REIT exits public markets

Published

on


Alexander & Baldwin earnings on deck as REIT exits public markets

Continue Reading

Business

VinFast faces earnings test as losses mount amid expansion push

Published

on


VinFast faces earnings test as losses mount amid expansion push

Continue Reading

Business

Leonardo DiCaprio Eyes Second Oscar as ‘One Battle After Another’ Leads Tight 2026 Race

Published

on

Leonardo DiCaprio

With the 98th Academy Awards set for Sunday evening, Leonardo DiCaprio stands poised for a potential second Oscar win, a decade after claiming his first for “The Revenant.” The actor’s commanding performance in Paul Thomas Anderson’s “One Battle After Another” has positioned him as a serious contender in the Best Actor category amid one of the most unpredictable races in recent memory.

Leonardo DiCaprio

DiCaprio portrays Bob Ferguson, a burnt-out former revolutionary hiding off the grid while protecting his daughter amid threats from a ruthless colonel played by Sean Penn. The film, released Sept. 26, 2025, by Warner Bros., blends political thriller elements with intense character drama, drawing loose inspiration from Thomas Pynchon’s “Vineland.” It earned widespread critical acclaim for its timely exploration of extremism, authoritarianism and personal redemption, landing among the top-nominated films with strong showings in major categories.

Critics have hailed DiCaprio’s work as a “masterclass in veteran acting,” praising the subtle emotional layers he brings to a morally complex war journalist-turned-fugitive. Outlets like Variety and The Hollywood Reporter note strong Academy support for the performance, with voters frequently citing it as a plausible upset pick despite the film’s box-office underperformance compared to its predecessor, “Once Upon a Time in Hollywood.”

The Best Actor field remains fiercely competitive. Timothée Chalamet earned his third nomination for “Marty Supreme,” showcasing his range in a controversial ballet-centered role that made him the youngest three-time nominee since Marlon Brando. Michael B. Jordan surges with momentum from “Sinners,” which shattered nomination records with 16 nods and secured the cast award at the Actor Awards. Ethan Hawke (“Blue Moon”) and Wagner Moura (“The Secret Agent”) round out the nominees, each bringing formidable cases for their first wins.

Predictions vary widely. Some forecasters, including those at Variety and Deadline, see Jordan gaining late ground after his SAG win, while others highlight DiCaprio’s institutional advantage as a previous winner and consistent high-caliber performer. Rotten Tomatoes and Next Best Picture analyses place the race as unusually open, with no clear frontrunner dominating precursor awards. Betting markets reflect the volatility, with shifting odds among Chalamet, Jordan and DiCaprio.

Advertisement

DiCaprio’s campaign has faced logistical hurdles. He skipped the 2026 Actor Awards — formerly the SAG Awards — due to filming Martin Scorsese’s “What Happens at Night” in Europe alongside Jennifer Lawrence. Reports indicate he may also miss the Oscars ceremony for similar reasons, though speculation persists about a potential red-carpet appearance with girlfriend Vittoria Ceretti, marking their first joint major event.

“One Battle After Another” itself contends strongly for Best Picture, often ranked second behind “Sinners” in projections. Anderson’s direction earns praise for its radical epic scope and ensemble work, including Penn’s menacing supporting turn as Col. Steven J. Lockjaw. The film secured nominations across technical categories and screenplay, benefiting from its VistaVision and IMAX presentation that showcased Anderson’s ambitious vision.

Despite solid reviews and awards buzz, the movie’s theatrical run fell short of blockbuster expectations, a contrast to DiCaprio’s star-driven hits. Streaming availability on HBO Max since December 2025 broadened its reach, allowing more Academy voters to engage with the performance during the voting window.

DiCaprio’s Oscar history adds intrigue. His 2016 win ended a long nomination streak without victory, including nods for “The Wolf of Wall Street,” “The Aviator” and others. A second statue would place him among elite multi-winners, though the Academy has historically been selective about granting them. Analysts note that his “latter-day” mode — intense, transformative roles in auteur projects — aligns perfectly with Oscar tastes, yet the category’s youth movement and first-time winners could prove decisive.

Advertisement

The ceremony, hosted by Conan O’Brien at the Dolby Theatre, airs live on ABC and streams on Hulu. With “Sinners” leading nominations and potential for genre breakthroughs, the night promises drama across categories. DiCaprio’s absence from recent events has fueled questions about his attendance, but his work remains central to discussions.

As ballots finalize, the conversation around DiCaprio underscores his enduring status in Hollywood. Whether he claims a second Oscar or not, his contribution to “One Battle After Another” reinforces why he remains one of the industry’s most respected leading men.

Continue Reading

Business

Investors await Fed rate outlook as Iran war keeps markets on edge

Published

on

Investors await Fed rate outlook as Iran war keeps markets on edge


Investors await Fed rate outlook as Iran war keeps markets on edge

Continue Reading

Business

CF Industries: It's Still Underpriced Despite The Rally

Published

on

CF Industries: It's Still Underpriced Despite The Rally

CF Industries: It's Still Underpriced Despite The Rally

Continue Reading

Business

Analysis-Iran holds the key to reopening global energy markets

Published

on

Analysis-Iran holds the key to reopening global energy markets


Analysis-Iran holds the key to reopening global energy markets

Continue Reading

Trending

Copyright © 2025