Back to today’s briefing

Story perspectives

California Gas Prices Surge: Could Hit $7 Soon!

3/13/2026

42 9 Full Breakdown

Summary

Story summary

California gas prices averaged $5.37 per gallon on March 12, 2026, up from $4.81 a week earlier.
Geopolitical tensions in the Middle East, especially the Iran conflict, have pushed crude above $100 per barrel.
California's transition to summer-blend gasoline and refinery closures have tightened supply.
Governor Gavin Newsom linked the hikes to these factors, warning that prices could exceed $7 per gallon if trends continue.

History

Historical Context

The 1973 Oil Crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo in response to the Yom Kippur War, causing oil prices to quadruple from $3 to nearly $12 per barrel. This crisis reshaped global energy dynamics and highlighted the vulnerability of fuel prices to geopolitical tensions, a reality echoed today as California gas prices average $5.37 per gallon amid ongoing conflicts.

1 of 2

Story summary

California gas prices averaged $5.37 per gallon on March 12, 2026, up from $4.81 a week earlier.
Geopolitical tensions in the Middle East, especially the Iran conflict, have pushed crude above $100 per barrel.
California's transition to summer-blend gasoline and refinery closures have tightened supply.
Governor Gavin Newsom linked the hikes to these factors, warning that prices could exceed $7 per gallon if trends continue.

1 / 2