"Whether California gets its oil from the Central Valley or Kuwait or Venezuela or other parts of the world, [it] doesn't matter. It still affects the price of gasoline the same because the price of all those oils goes up. The spiraling prices are primarily driven by a surge in global crude oil prices amid the war."
"Approximately 20% of the world's oil passes through the narrow waterway that connects the Persian Gulf to the Indian Ocean. The conflict has also disrupted oil shipping through the vital Strait of Hormuz. Monday's spike happened because of Israeli strikes on oil depots in Tehran."
California's average gas price reached $5.29 per gallon, up 62 cents in one week and 80 cents in one month, with regional variations from $4.67 to $5.95 per gallon. The spike is driven by escalating global crude oil prices amid conflict in the Middle East. Israeli strikes on Iranian oil depots and disruptions to shipping through the Strait of Hormuz, which carries approximately 20% of world oil supply, are primary factors. Crude oil prices briefly reached $119.50 per barrel before stabilizing near $90. Experts warn prices will continue climbing if oil costs remain elevated, as California's gas prices are tied to global oil markets regardless of supply source.
Read at SFGATE
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