Story perspectives

California Gas Prices Could Hit $8 Amid Supply Crisis

5/10/2025

49 11

Summary

Lawmakers Urge Action

California gas prices may surpass $8 per gallon by late 2026, marking a 75% increase from current levels.
Phillips 66 and Valero refineries will cut refining capacity by over 20%, leading to a daily supply shortfall of 6.6 to 13.1 million gallons.
Lawmakers are calling for urgent measures to avert refinery shutdowns, highlighting economic risks and consumer cost increases.
These closures are influenced by regulatory pressures and California's shift towards electric vehicles, complicating fuel supply logistics.

Summary

Mickelson Sparks Debate

Phil Mickelson's remarks on California's gas prices have sparked renewed public debate, predicting $6 per gallon by late 2025 and $8 by late 2026.
He attributes price increases to voter responsibility, eliciting mixed reactions from fans.
California's high gas prices result from specialized fuel blends and limited refining capacity.
His controversial comments have overshadowed his recent golf performance, including missing the cut at the 2025 Masters.

History

Historical Context

California's gas prices are poised to rise sharply, reminiscent of the 1979 energy crisis. Then, deregulation followed the Iranian Revolution, causing panic buying and soaring prices. Today’s situation reflects ongoing regulatory pressures and a shift toward electric vehicles, echoing past struggles for energy independence and market stability.

1 of 3

Lawmakers Urge Action

California gas prices may surpass $8 per gallon by late 2026, marking a 75% increase from current levels.
Phillips 66 and Valero refineries will cut refining capacity by over 20%, leading to a daily supply shortfall of 6.6 to 13.1 million gallons.
Lawmakers are calling for urgent measures to avert refinery shutdowns, highlighting economic risks and consumer cost increases.
These closures are influenced by regulatory pressures and California's shift towards electric vehicles, complicating fuel supply logistics.

1 / 3