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Story summary
- California faces an energy crisis as gasoline prices rise due to global disruptions and refinery declines.
- Valero Energy Corporation's Benicia refinery is set to close, supplying about 10% of California's gasoline.
- Governor Gavin Newsom's administration faces pressure to enact a profit-cap law, but activation is delayed for five years.
- Experts warn reliance on imports and limited refinery options could trigger price spikes, potentially reaching $7.
