FOX Business' Jeff Flock has the details from New Jersey on 'Mornings with Maria.'
California's fuel marketis entering another period of strain as refinery capacity continues to shrink in the nation's largest gasoline market. The planned closure of Valero's Benicia refinery, one of the state's remaining major facilities, is expected to tighten supply in a system that already operates with little margin for disruption.
FOX Business' Jeff Flock joined Maria Bartiromo on "Mornings with Maria"to report on how the pending refinery shutdown is fueling concerns about higher gas prices, job losses and increased volatility across California's fuel market.
Rep. Jason Smith, R-Mo., joins ‘Mornings with Maria’ to discuss President Donald Trump’s economic agenda, falling gas prices, tax refunds and the upcoming midterm elections.
That tightening supply has already translated into higher prices and growing uncertainty for drivers, according to California lawmakers, who warn the situation is no longer theoretical.
"California is truly at a breaking point. Refineries are closing, supply is diminishing, and my constituents are paying more at the pump every single day," Republican state Sen. Suzette Martinez Valladares said.
CALIFORNIA'S 'BILLIONAIRE TAX' WILL BE 'DISASTROUS' AND CAUSE WEALTHY TO FLEE, ECONOMIST PREDICTS
Valero's Benicia Refinery in California in operation.(Paul Morris/Bloomberg / Getty Images)
The Benicia facility, located in Northern California, has played a significant role insupplying gasoline to a statethat consumes more fuel than any other except Texas. Its closure follows a wave of refinery exits that has steadily reduced California's ability to produce its own gasoline, leaving the state increasingly dependent on a small number of remaining plants and imported fuel that must meet its unique regulatory standards.
With fewer refineries operating, even routine maintenance or unexpected outages can quickly ripple through prices at the pump.
Source: California Post – Breaking California News, Photos & Videos
