The article discusses the impending closure of three California oil refineries, which will lead to a significant drop in crude oil production and a corresponding increase in gasoline prices. According to expert predictions, gasoline could potentially exceed $8 per gallon. The call out to Governor Newsom highlights a perceived lack of leadership in addressing the oil crisis. The future of energy costs in California is uncertain and could have devastating economic impacts on residents if these refineries shut down as scheduled by 2026.
In a recent paper, professor Michael Miche of USC predicted that the impact could be gasoline prices of over $8 a gallon.
This is a loss of 369,000 barrels per day of crude oil production, or nearly 23% of California's current refinery capacity.
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