Two major refineries in California are closing in 2026, representing 18% of production in California. Gasoline, diesel and jet fuel are about to get a lot more expensive there. Why are they closing? Environment regulations, California fines, litigation warfare expenses … they cannot modernize the refineries and cannot remain profitable. But at the same time, California lacks the pipeline capacity or ocean import terminal capacity to replace 18% of their supply. So what happens? The highest fuel prices in the USA are about to become even more expensive. And Gavin Newsom wants to bring his policies in California to the rest of the USA in the next presidential election.(Wall Street Mav)