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.
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