The Economic Times

California oil and jet fuel supply crisis: why are prices hitting $15 jet fuel and $5.85 gas as capacity and supply plungehow soon can recovery happen?

California oil and jet fuel supply crisis is intensifying fast. Jet fuel prices have surged near $15 per gallon. Gasoline has climbed to $5.85 statewide. Supply is shrinking sharply. Inventories have dropped over 25% to multi-year lows. Refining capacity has fallen nearly 20% after major closures. This is not a normal price spike. It is a structural supply shock. California depends heavily on imports from Asia. Global disruptions linked to Middle East tensions are tightening flows. Imports are slower and more expensive. Airlines are cutting routes and raising fares. The California oil and jet fuel supply crisis now raises a critical question. How soon can supply stabilize and prices cool?