The Economic Times News

Gas prices in California, the world's fifth-largest economy, could hit $12/gallon, and here's the worrying reason

Gas prices in California: California is heading toward a major fuel supply crunch. Two large refineries operated by Valero Energy and Phillips 66 are scheduled to shut down by 2026. Phillips 66 plans to shut its Los Angeles refinery, and Valero its Benicia plant, in 2026, cutting roughly 17% of the state's refining capacity. Analysts warn gas could hit $10 to $12 per gallon.