Gasoline prices in California, already higher than the national average, are projected to rise significantly due to refinery closures and demand changes. Valero's decision to close its refinery in Benicia, coupled with Phillips 66 shutting down facilities in Southern California, threatens fuel supply stability. Furthermore, evolving consumer behavior, such as work-from-home patterns and increased electric vehicle usage, has decreased gasoline demand, complicating the market dynamics. According to some forecasts, prices could reach $8 per gallon by 2026, though this prediction remains contentious among analysts.
Closures coming as California drives policies to leave fossil fuels behind. The regulatory environment is most stringent in North America, impacting refinery operations.
Future projections show gas prices could exceed $8 per gallon by the end of 2026, a figure that is subject to debate among experts due to uncertain demand.
The demand for gasoline is declining in California due to ongoing work-from-home trends and increasing adoption of electric vehicles, contributing to market uncertainty.
Valero's recent refinery closures reflect significant shifts in California's energy policy, leading to concerns over tighter fuel supply and rising costs in the market.
Collection
[
|
...
]