Asm. Stan Ellis (R–Bakersfield) and energy expert Ted Cordova are sounding the alarm that California’s gas prices could rise to as high as $10 per gallon within the next six months.
They warn that a perfect storm of events – namely more oil refinery closures, underutilized pipelines and the dependence on foreign oil – could cripple California’s economy.
Driving the news: California’s oil production has drastically slipped over the last decade, falling from around 470,000 barrels of crude oil daily to around 170,000 per day. • Along with the decrease in production, Phillips 66 is set to close its Los Angeles refinery in October, and Valero may close its Bay Area refinery next year. • A study by USC professor Michael Mische earlier this year found that the pending refinery closures cou