California Gas Prices Jump 40 Cents to $4.58, Now

California gasoline costs are climbing again, and the latest reporting exhibits the spike is accelerating.

New reporting this week put the headline quantity plainly:

“California drivers are reeling as average gas prices surged 40 cents per gallon in just two weeks to $4.58, far outpacing the national average of $2.92, driven by shrinking refining capacity from the Valero Benicia refinery wind-down and prior Phillips 66 closure in Los Angeles.”

The average California gasoline price is $4.58 per gallon, up from $4.46 last week and $4.18 two weeks in the past. The national average, by distinction, sits at $2.92. That locations California roughly $1.66 above the remainder of the nation.

Here is what makes this different from routine volatility. Nationally, gasoline costs have trended down over the past yr. California is diverging sharply. This will not be seasonal fluctuation. It is a structural provide squeeze.

Fresh reporting on the refinery closures driving the increase confirms the pace of the soar:

“The price of gas rose 40 cents in about two weeks, with the average price of gas across the state of California at $4.58 a gallon.”

With Valero’s Benicia refinery winding down and Phillips 66’s Los Angeles facility already closed, the state is now down to just six working refineries.

For the biggest fuel-consuming state exterior Texas, that discount in in-state refining capability materially tightens provide. And California’s regulatory construction compounds the strain. The state requires a particular boutique gasoline mix and has restricted interstate pipeline connections, making alternative provide more costly and slower to secure. When a refinery goes offline, the influence exhibits up shortly at the pump.

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Earlier RedState reporting provides context to what occurs when in-state manufacturing falls:

“California imported more gasoline in November than ever before, with more than 40% coming from the Bahamas.”

Those imports usually are not incidental. They are the downstream results of constrained refining capability. Fuel routed through distant maritime channels provides transport and compliance prices before it reaches California drivers.

Analysts have also warned that refinery closures alone may raise costs additional:

“On average, the closures could raise the cost of gasoline for consumers by between 5 and 15 cents a gallon, said Patrick De Haan, GasBuddy’s head of petroleum analysis.”

Put together, the image is easy. California gasoline costs are at $4.58 per gallon. The national average is $2.92. (*40*) closures have diminished the state to six working services. Imports are rising to fill the hole. Experts warn extra will increase are doable if provide stays tight or if sudden upkeep disrupts output during peak demand months.

This will not be a one-week anomaly. It is a provide system under measurable pressure, with restricted flexibility constructed into it. Unless refining capability expands or demand softens meaningfully, volatility is probably going to stay the norm. Based on the current data, there’s no clear indication that California gasoline costs have stabilized, a lot less peaked.

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