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FOX Business’ Jeff Flock has the New Jersey details on “Mornings with Maria.”
California Fuel Market is entering another period of stress as refinery capacity continues to shrink in the nation’s largest gasoline market. The planned closure of the Benicia de Valero refinery, one of the state’s major remaining facilities, is expected to reduce 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 in 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 of 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 dwindling, and my constituents are paying more at the pump every day,” said Republican state Sen. Suzette Martinez Valladares.
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Benicia de Valero refinery in California in operation. (Paul Morris/Bloomberg/Getty Images)
The Benicia facility, located in northern California, has played an important role supply of gasoline to a state which guzzles more fuel than any other except Texas. Its closing 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 affect prices at the pump.
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State lawmakers have increasingly pointed to energy policy as a central factor behind market tightening. Critics argue that years of regulations and sanctions have discouraged them in the long run investment in refining infrastructureaccelerating closings and amplifying price changes for consumers. Supporters of the policies counter that the refinery closings are in line with the broader state environmental and climate objectives.
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“This is happening right now, and the longer we wait to address this issue, the more instability and volatility we’re going to see here in California,” Valladares said.
