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.

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

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.

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’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.”

“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.

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%.

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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.

FOX Business’ Arabella Bennett contributed to this report.

The company has also opened a new shop in Ouseburn marking its fourth in the region

A popular bakery business is stepping up its expansion plans as it opens a new production facility and head office in Newcastle. Artisan bakery and coffee company Deep North already draws in the crowds at its three shops in Tynemouth, Ouseburn and Sheepfolds Stables in Sunderland, thanks to its mouth-watering doughnuts all made from scratch in fresh batches every day.

The independent food firm, launched by Phil King and Tom Clark in 2022, produces a fresh batch of its doughnuts each day following a 24 to 36-hour process of making and proving dough, rolling, frying and decorating, with its homemade jams, fillings and glazes. Alongside its shops Deep North also frequently pops up at a number of events and markets.

Now the chain has opened a new store in Ouseburn, marking the company’s fourth in the North East and a major milestone in its ambition to expand its presence across the region. Phil King, owner and director of Deep North, said the expansion will significantly boost its production capacity, while transforming the working environment for its 29-strong team, providing a modern space designed to improve productivity and employee wellbeing.

The new facility also includes office space as well as room to grow as it continues to expand its workforce and its portfolio of stores.

Mr King said: “We are thrilled to officially unveil our new headquarters and central production kitchen which marks yet another major milestone for the business. It will provide us with the space required to not only increase our production capacity and headcount, but also provide our team with a far better working environment as we continue to innovate and grow.

“It is central to ensuring we can achieve our goal of continuing to open more stores across the region as we continue to expand over the coming months and years. The new shop is adjoined to the kitchen, and customers can sit and have a coffee as they watch our team make the doughnuts. We wanted to create an experiential environment which would open the doors on how we do things.”

The new facility also gives Deep North space to host a programme of events, including doughnut decorating masterclasses and barista masterclasses, as it looks to continue diversifying its offer.

Mr King added: “We set up Deep North to bring something new to the North East and the launch of a dedicated events programme is another example of how we’re continuing to do just that.

“We have already delivered our first doughnut decorating masterclasses from the facility and have had bookings for our first barista masterclasses at Ouseburn. We have more plans to use the space in a creative way, which we are excited to roll out this year.”

UMi provided a £40,000 grant to Deep North through the Business Growth Fund, which it managed on behalf of Gateshead Metropolitan Borough Council, North East Combined Authority, and Sunderland City Council.

Phil Sly, specialist adviser at UMi, said: “Deep North is a fantastic example of how the right finance and support can help ambitious businesses realise their goals and scale sustainably.

“The new facility will provide Deep North with the space and infrastructure it needs to grow its workforce, increase output and expand its presence across the region, and we’re delighted to have been able to support Phil and the team on this remarkable journey.”

Like this story? For more news from the commercial property scene around the regions, visit our dedicated section here for the latest news and analysis within the sector.

Fast-food giant Wendy’s will close hundreds of its U.S. restaurants as it looks to focus on value and boost lagging sales in the domestic market.

In the October through December quarter, the fast-food giant reported same-store sales, or sales at restaurants open for at least one year, declined 11.3% in the U.S.

While Wendy’s previously announced late last year its intent to close underperforming restaurants, interim CEO Ken Cook provided more details on Friday during the company’s call with investors.

WENDY’S INTRODUCES NEW VALUE MENU WITH 3 PRICE TIERS

Wendy’s interim CEO Ken Cook said the company will close 5% to 6% of its restaurants. (Al Drago/Bloomberg via Getty Images)

Cook said that the company shuttered 28 locations in the fourth quarter of 2025 and expects to close 5% to 6% of its 5,959 restaurants, or 298 to 358 locations, in the first half of this year.

The planned closures occur as the fast-food giant continues its turnaround plan dubbed Project Fresh. Announced in October 2025, Wendy’s said the strategy is “designed to revitalize the brand, reignite growth, [and] accelerate profitability.”

Part of its plan to win back customers is shifting its focus to value, as many core customers still feel strained by higher living costs.

THIS FAST-GROWING CHAIN SAYS ‘NO DISCOUNTS’ – AND IT’S PAYING OFF

The fast-food chain closed 28 locations in the fourth quarter of 2025, interim CEO Ken Cook said. (Zamek/Viewpress/Getty Images)

“Learning from 2025 around value, we swung the pendulum too far towards limited-time price promotions instead of everyday value,” Cook said during the call.

Rivals like McDonald’s have seen success as they hone in on value for customers. The chain, which has focused heavily on value, reported that its U.S. sales rose 6.8% in the fourth quarter, the biggest jump in roughly two years. It’s CEO, Chris Kempczinski, told investors on Thursday that McDonald’s focused on “delivering leadership in value and affordability, and our efforts are working.”

MCDONALD’S BRINGS BACK EXTRA VALUE MEALS TO LURE BUDGET-CONSCIOUS CUSTOMERS

Wendy’s joined McDonald’s and other fast-food chains in January when it launched a permanent value menu offering called “Biggie Deals.” It introduced new customization options across three price points: $4, $6 and $8.

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Cook also said 2026 will be a “rebuilding year” for the company, and noted the upcoming rollout of a new chicken sandwich and “cheesy bacon cheeseburger.” 

“Our focus this year is restoring relevance and rebuilding trust with customers through disciplined execution and marketing,” he said.

Unknown Executive

Hello, everyone. Thank you for joining ExaWizards Financial Results briefing for the third quarter of the fiscal year ending March 2026. In this briefing, I will explain the quarterly performance driven by AI and our future growth strategies, followed by a presentation from our Representative Director and President, CEO, Makoto Haruta.

Here’s today’s agenda. First, I will cover the Q3 financial summary and consolidated results, followed by details on the status of each segment. Finally, I will share business updates focusing on AI agents, which we are currently emphasizing. I will not explain the appendix, so please download the presentation material from our website for your reference.

Let’s start with Section 1, the executive summary of the third quarter of fiscal year ending March 2026. Net sales for Q3 were JPY 3.116 billion. Operating profit was JPY 481 million. By segment, the AI Products business generated JPY 1.229 billion in sales and JPY 371 million in operating profit. This business continues to grow strongly, led by exaBase Generative AI, which has captured the top market share. The AI Solutions Services Business also returned to a growth trajectory with sales of JPY 1.922 billion, an increase over the previous year and an operating profit of JPY 717 million or 106% year-on-year due to contributions from large-scale projects.

Section 2 provides a detailed summary of our consolidated financial results. As shown here, both net sales and operating profit reached record highs on a quarterly basis. Net sales grew steadily to over JPY 3.1 billion and the operating profit improved dramatically, reaching JPY 481 million compared to just JPY 6 million in the same period last year. We achieved record highs for both net sales and operating profit for

White House Senior Counselor for Trade and Manufacturing Peter Navarro touted what he called a “Goldilocks economy” under President Donald Trump while promising Americans the “biggest rebate” in U.S. history.

“When Americans get those rebate checks on tax day, that’s going to be the biggest rebate and broad-based in American history,” Navarro said Sunday. 

“In 2026, unless the geopolitics get in the way, it’s shaping up to be beautiful.”

Appearing on Fox News’ “Sunday Morning Futures,” Navarro pointed to the latest economic data showing inflation easing while job growth and wages rise. The consumer price index (CPI) increased 2.4% over the past year, beating expectations and marking an eight-month low in inflation.

TRUMP SPEECH SPARKS OPTIMISM AS ‘GANGBUSTER’ ECONOMY FORECASTED FOR 2026

Peter Navarro, White House senior counselor for trade and manufacturing, speaks to members of the media outside the White House in Washington, DC, US, on Thursday, May 8, 2025. (Bonnie Cash/UPI/Bloomberg via Getty Images / Getty Images)

“This is happening because of tariffs, not in spite of them, as the critics would say, because if there were any tariff inflation, it would show up in the core. It’s simply not doing that,” Navarro said.

“So everything is hitting on all major cylinders, and the best is yet to come.”

Navarro’s remarks come as the Supreme Court weighs Trump’s use of emergency tariffs, with the justices set to issue opinions Friday that could include a ruling on the policy.

BANK OF AMERICA CEO SEES STRONGER 2026 ECONOMY, SAYS WALL STREET MAY BE UNDERESTIMATING GROWTH

President Donald Trump speaks during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025, in Washington, DC. (Chip Somodevilla/Getty Images / Getty Images)

The ruling would determine whether the president can continue using emergency authorities to impose tariffs without additional congressional approval.

The administration has long justified Trump’s tariffs as a way to boost domestic manufacturing, reduce reliance on foreign supply chains and counter what officials describe as unfair trade practices by other nations.

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Navarro reiterated that defense on Sunday, pointing to what he described as a resurgence in U.S. manufacturing.

“We had the ISM manufacturing index, which is dear to my heart, because I’m the counselor for trade manufacturing. That’s showing a very robust final jump in manufacturing,” he said.