Connect with us
DAPA Banner

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

You must be logged in to post a comment Login

Leave a Reply

Business

Top 25 High-Yield Dividend Stocks For April 2026

Published

on

Top 25 High-Yield Dividend Stocks For April 2026

This article was written by

I have a masters degree in Analytics from Northwestern University and a bachelors degree in Accounting. I have worked in the investment arena for over 10 years starting as an analyst and working my way up to a management role. Dividend investing is a personal hobby and I look forward to sharing my thoughts with the Seeking Alpha community.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of SBAC, PAYX, NKE, ACN, ADP, MKC, PEP 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

Satellite firm Planet Labs to indefinitely withhold Iran war images

Published

on

Satellite firm Planet Labs to indefinitely withhold Iran war images


Satellite firm Planet Labs to indefinitely withhold Iran war images

Continue Reading

Business

Kuwait Petroleum headquarters engulfed in flames following Iranian drone strike

Published

on


Kuwait Petroleum headquarters engulfed in flames following Iranian drone strike

Continue Reading

Business

Trump questions NATO’s future as Allies sit out Iran conflict

Published

on


Trump questions NATO’s future as Allies sit out Iran conflict

Continue Reading

Business

Akebia Therapeutics, Inc. (AKBA) Discusses Pipeline Progress and Strategic Focus on Kidney Disease Treatments at R&D Day – Slideshow

Published

on

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Akebia Therapeutics, Inc. (AKBA) Discusses Pipeline Progress and Strategic Focus on Kidney Disease Treatments at R&D Day – Slideshow

Continue Reading

Business

Asseco Poland S.A. 2025 Q4 – Results – Earnings Call Presentation (OTCMKTS:ASOZY) 2026-04-04

Published

on

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

This article was written by

Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team

Continue Reading

Business

Forum Energy Technologies, Inc. (FET) Presents at Emerging Growth Conference 91 – Slideshow

Published

on

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Forum Energy Technologies, Inc. (FET) Presents at Emerging Growth Conference 91 – Slideshow

Continue Reading

Business

Roivant Sciences Ltd. (ROIV) Discusses Brepocitinib Program Expansion and Phase III Batoclimab Data Update – Slideshow (NASDAQ:ROIV) 2026-04-04

Published

on

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

This article was written by

Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team

Continue Reading

Business

Merck KGaA (MKKGY) Presents at BNP Paribas Exane Healthcare Conference – Slideshow

Published

on

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Merck KGaA (MKKGY) Presents at BNP Paribas Exane Healthcare Conference – Slideshow

Continue Reading

Business

Trump, Israel pressure Iran ahead of deadline as search continues for missing US airman

Published

on

Trump, Israel pressure Iran ahead of deadline as search continues for missing US airman


Trump, Israel pressure Iran ahead of deadline as search continues for missing US airman

Continue Reading

Trending

Copyright © 2025