After Valero said it would close its Benicia refinery, Newsom directed Siva Gunda, vice chair of the California Energy Commission, to “redouble the state’s efforts to work closely with refiners on short- and long-term planning” and ensure a “reliable supply of transportation fuels.” Since the conflict began, the international benchmark for crude oil has climbed more than $25 a barrel — a shift that typically translates to about 60 cents per gallon at the pump, in line with the increase in California retail prices, argues Borenstein, of UC Berkeley. “All of the change we’ve seen in the last couple of weeks is in line with the change in crude oil prices, and therefore is not California specific,” he said.
Author: Gilare Zada
Published at: 2026-03-16 23:11:51
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