California gas prices could skyrocket 75%

California drivers could soon face gas prices soaring to $8.43 per gallon, a staggering 75% increase from current levels. The looming crisis stems from the shutdown of two major in-state refineries, which together account for 20% of California’s gasoline production. The Phillips 66 refinery in Los Angeles is set to close by the end of 2025, followed by the Valero refinery in Benicia, which will halt operations in April 2026. These closures will create a gasoline deficit ranging from 6.6 million to 13.1 million gallons per day, according to an analysis by USC Professor Michael Mische. The impact will extend...