A fire at Valero's Benicia refinery left only Chevron's Richmond refinery operational in the San Francisco Bay Area, exacerbating gasoline price pressures just before peak summer driving season. With limited alternative refining capacity in Northern California—the affected region—the Carbob premium rose sharply against Nymex futures. Despite prices being lower than last year’s highs, California faces unique challenges due to its fuel isolation and established policies aimed at regulating refinery prices. Governor Newsom is under pressure to manage these implications effectively as summer approaches.
"This fire incident leaves only Chevron's Richmond refinery operational, intensifying pressure on California gasoline prices as the peak driving season approaches."
"The premium for California gasoline surged as the limited refining capacity poses challenges, especially when compared to regions like the Gulf Coast."
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