by James Mora
FRESNO, Calif. (FOX26) — California gas prices could rise up 75% at the end of 2026 after two in-state refineries close down.
The Phillips 66 refinery in Los Angeles is expected to close by the end of 2025.
The closure of the refinery could have a potential impact of having gas prices reach about 6.43 per gallon.
The Valero refinery in Benicia is slated to stop operations by April of 2026.
Both of these refineries combined make up about 20% of the gas produced locally in California.
It is estimated that after both refineries close down price of gas could be $8.43 per gallon.
All of these estimations are using current crude oil prices but could change based on other factors affecting the market.
The two refineries employ 1,300 workers, but the job multiplier of the industry is 2.3, meaning the potential job loss after the closures would be close to 3,000 jobs statewide.
The regulations enforced by the Low Carbon Fuel Standard make it difficult for the refineries to function.