California leaders report four to six weeks worth of gasoline and diesel supply
2 hours ago
- #Gas Prices
- #Fuel Shortage
- #California Economy
- California has four to six weeks of gasoline and diesel supply left under normal conditions after the last major oil shipment from the Strait of Hormuz.
- Gas prices are rising, with California's average at $6.11 per gallon; Fresno saw a 25-cent increase to an average of $5.94 per gallon.
- The closure of the Strait of Hormuz by Iran has forced California to find new crude sources, while refineries struggle to meet local demand.
- California imports about 20% of its jet fuel and 25% of its gasoline, making it vulnerable to global shortages and competition.
- Officials are working with refiners to secure alternate crude routes, and improving gasoline imports in May may help alleviate supply issues.
- Concerns include potential gas station lines if imports do not improve, and elevated prices may persist even if the strait reopens due to regional damage.
- The Jones Act waiver allows refineries to source from the U.S. Gulf Coast, but California still faces competition for those supplies.