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?
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