Part 10/12:
State officials, including Governor Newsom, have often blamed oil companies for high prices, but critics argue that it's California’s stringent policies that are driving refineries away. Industry experts warn that continued decline in refining capacity will make California increasingly vulnerable to supply shocks, not only elevating local prices but also affecting regional markets.
Looking ahead, analysts estimate that the current disruptions could cause retail gasoline prices to rise by between 15 to 23 cents per gallon by the end of the year if refinery issues persist. The reliance on imported oil from the Middle East to compensate for local shortages further complicates the supply chain and price stability.