A new study from the University of Southern California warned that gas prices in the state could reach $8 per gallon by the end of 2026.
Two oil refineries in the state, the Phillips 66 refinery in Los Angeles and the Valero facility in Northern California, are set to shut down. Those two closures represent a possible 21% reduction in the Golden State’s refining output over three years, according to a report by Michael Mische at USC’s Marshall School of Business.
“The estimated average consumer price of regular gasoline could potentially increase by as much as 75% from the April 23, 2025, price of $4.816 to $7.348 to $8.435 a gallon by calendar year end 2026,” Mische wrote, noting some California counties could see higher prices.
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