According to analysis by Michael Mische, a USC professor, the impending closures of the Phillips 66 refinery in Los Angeles and the Valero facility in Northern California could lead to a staggering 21% drop in refining capacity over the next three years. Mische warns that such disruptions could drive prices at the pump to $8 per gallon or higher.

Gas prices in California could reach more than $8 per gallon by the end of 2026, marking a potential 75% increase over current rates, according to a new report.