SAN DIEGO — California residents may face a dramatic increase in gas prices due to the potential closure of two refineries in the state, according to a recent analysis by a University of Southern California professor.
Michael Mische, a professor at USC, projects that gas prices could rise by as much as 75% by the end of 2026 if the Phillips 66 refinery in Los Angeles and the Valero refinery in the Bay Area close as anticipated, along with other factors.
“You have a reduction in supply, relatively stable demand, and more layering on legislative costs … prices going to go up,” said Mische…