[ad_1]
California gas prices could rise up by up to 75% by the end of 2026 as the state prepares to lose almost a fifth of its oil refinery capacity, according to a new report.
The planned closure of the Phillips 66 refinery in Los Angeles and the closure of the facility Valero planned to have in Northern California represented the potential to cut California’s refinery production by 21% over three years.
As electric vehicle use grows in California, the state rethinks the future of gas tax
“The estimated average consumer price for regular gasoline could increase by 75% from April 23, 2025 at a price of $4.816 to $7.348 to $7.435. By the end of 2026, it is one gallon per gallon.
California currently consumes more than 13.1 million gallons of gasoline every day. As the state produces just 24% of its crude needs, losses in refinery could result in a deficit of 6.6 million to 13.1 million gallons per day.
California currently has more EV chargers than gas nozzles, says Newsom
Some lawmakers have issued an alarm after the report and have sent letters urging Gov. Gavin Newsom to “stop the refinery closure.”
“If the governor doesn’t act now, Californians will be blinded by a sticker shock at the pump and a surge in prices for everyday items,” Senate minority leader Brian W. Jones, R-San Diego, said in a statement. “We’re talking about gas prices above $8.43 per gallon by the end of next year.”
[ad_2]Source link
