California oil crisis pushes jet fuel to 15 and gas to 5 85 as refining collapses

Published on 24 April 2026

Refining capacity has fallen nearly 20% after closures

California’s oil and jet fuel crunch is deepening as inventories fall more than 25% to multi-year lows and refining capacity drops nearly 20% after major shutdowns. Jet fuel is nearing $15 per gallon and gasoline is around $5.85 statewide. With California reliant on slower, pricier imports from Asia amid Middle East-related disruptions, airlines are cutting routes—leaving the big question: when does supply stabilize?

Jet fuel near $15 and gasoline at $5.85 as supply tightens
Inventories down over 25% to multi-year lows
Refining capacity has fallen about 20% after closures
Import slowdowns linked to Middle East tensions strain aviation and fuel flows

#jet fuel #refining capacity #supply crisis #gasoline #oil

Read the full story at The Economic Times

This summarization was done by Beige for a story published on The Economic Times

California oil crisis pushes jet fuel to 15 and gas to 5 85 as refining collapses

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