California gas stocks fall to record lows on supply issues
California gasoline inventories hit record lows as the Strait of Hormuz closure disrupts imports. Average prices in the state have reached $5.86 per gallon.
Gasoline inventories in California have plummeted to historic lows as the ongoing conflict involving Iran disrupts global energy markets. Analysts are warning that the state, which is particularly vulnerable to supply chain interruptions in the Middle East, has yet to feel the full impact of the closure of the Strait of Hormuz.
According to the American Automobile Association, drivers in California are currently facing an average price of $5.86 per gallon. This figure represents the highest cost in the United States and stands significantly above the national average of $4.09 per gallon. The price spike reflects broader volatility in global benchmarks, including Brent Crude Oil and West Texas Oil, as traders react to the tightening of supply routes.
