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#gas #gasprices #california

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Transcript
00:00So we got to talk about this major situation that is uh happening in California that has to do with
00:06gas okay uh but before we get to that I do want to get into how low these gas prices
00:14are actually
00:14getting right now before we get into the meat and potatoes and what's actually going on in
00:18California so with that being said let's dive in good news if you're filling up your car on the
00:24way to work this morning gas prices are at their lowest level in more than four years transportation
00:29state's correspondent you'll be here with more good morning to you hey good morning guys yeah it's
00:33also great news when it comes time to hit the road for the holidays and the majority of us will
00:37drive
00:37to our destinations so let's look at that national average right now because the price of regular
00:41unleaded has dropped by five cents just in the last week now standing at two dollars 90 cents per gallon
00:46it's the lowest level in over four years since may 2021 that's down 17 cents from a month ago seven
00:53cents lower than a year ago so here are the states with the lowest average prices oklahoma at 230
00:58colorado and texas as well the states with the highest average prices california at 441 hawaii
01:04and washington so why is this all happening well crude oil prices are down and so is demand we've
01:10also switched to the cheaper winter blend so take advantage now because those prices will rise again
01:15as we start heading into spring of course they will yeah all right but there's some some news for
01:20families if you're going to the airport yeah so this is really interesting the department of
01:23transportation they announced a billion dollars in funding to yeah we opened the fox 31 video hall
01:27today to find that story this was june of 2001 drivers complaining about gas prices at the time
01:33hovering around a dollar 70 or 80 a gallon tonight we're finding that again our crews spotted one gas
01:40station this one near evans in quebec advertising a dollar 69 a gallon and this time drivers are not
01:45complaining at all fox 31's anna coon with what's behind it gas is a dollar 69 a gallon right now
01:53at
01:53the quick trip on the corner of east evans and south monaco street that's the cheapest price you'll
01:58find across the state according to gas buddy and also one of the cheapest in the entire country there
02:04was a long wait line at a denver shell station this afternoon on the corner of east evans and south
02:10quebec street it's surprising to see the lines i've never seen this line before all those drivers
02:16looking to fill up the tank at just a dollar 69 a gallon since i've learned to drive i don't
02:23know
02:23if i've ever seen prices that low yeah we opened the fox 31 video hall today to find that story
02:28that
02:28since she's learned to drive she's never seen prices that low amazing amazing now we got to get into the
02:35meat potatoes in this because while most of the country is experiencing um record low gas prices
02:44at or at least over the past four years kind of interesting how that works you know because
02:49somebody else was in office anyway uh
02:54kind of interesting how that works but um while everybody else is experiencing a drop in gas prices
03:02california is actually going in the opposite direction yeah you remember that thing called
03:07the green new scam mm-hmm it's coming back to bite them check it out valero just wrote off 1
03:14.1 billion
03:15that is the cost they are taking to walk away from california rather than keep operating their benicia
03:22refinery past april 2026 when a company takes a billion dollar loss just to leave you know something is
03:30seriously broken this facility processes 145 000 barrels of oil per day representing 8.6 percent
03:38of california's entire gasoline production 400 workers have lost their jobs 200 contractors are
03:44out of work the city of benicia loses 17 of its entire budget and california drivers they are about to
03:52get hammered with the worst gas prices in american history university of california davis economists
03:58calculate a 40 cents per gallon increase the moment philip 66 closes their los angeles refinery this
04:04december then another 81 cents when valero shuts down four months later in april that totals a one
04:10dollar 21 cent per gallon increase by august 2026 your 15 gallon philip jumps from 70 to at least 95
04:18the stanford energy institute came up with even worse projections they are showing potential spikes to
04:24eight dollars per gallon during supply disruptions uc berkeley's severin borenstein who has been tracking
04:29california energy markets for decades warns these closures could create severe gasoline shortages with
04:35unprecedented price increases here's the timeline that's about to wreck california's fuel supply
04:41in december 2025 phillips 66 in wilmington closes 139 000 barrels per day are lost in april 2026 valero and
04:51benicia closes 145 000 barrels per day are lost in just four months california loses 284 000 barrels of
05:00daily refining capacity 17 of the state's total production to understand the disaster unfolding you
05:08need to know about carbob california reformulated gasoline blend stock for oxygenate blending this is
05:13not regular gasoline it is a specialized ultra clean burning fuel mandated by california law refineries in
05:20texas oklahoma and louisiana do not make it you cannot just truck in regular unleaded from arizona
05:26and call it a day only a handful of refineries worldwide have the equipment to produce carbob
05:31these facilities are in south korea india and a couple in singapore that is basically your entire
05:37global supply chain for california specific gasoline outside the state itself when 17 of in-state
05:43production disappears those asian refineries become california's gas stations the logistics are a
05:50nightmare tanker ships carrying gasoline take 30 to 40 days crossing the pacific ocean the fuel you pump
05:56into your car in march was loaded onto a ship in january any disruption in that supply chain whether a
06:02storm equipment failure or a spike in asian demand can leave california without gas california energy
06:09commission data shows the state already hit record imports in may 2025 210 000 barrels per day that is
06:17before losing these two refineries stillwater associates an energy consulting firm projects
06:23california will need to import 30 percent of all gasoline by late 2026 nearly one out of every three
06:29gallons will come from overseas for comparison the rest of america imports less than five percent of
06:34finished gasoline the infrastructure literally cannot handle this surge benicia's port facilities
06:41take four to five days to unload a single 300 000 barrel tanker that is only 60 to 75 000
06:47barrels per
06:47day of unloading capacity about half what the refinery currently produces converting the facility to a
06:53dedicated import terminal would require new pipelines storage tanks and harbor improvements
06:57taking years to complete richmond's kinder morgan terminal could theoretically handle more imports
07:03but it is already operating near capacity the ports of los angeles and long beach have their
07:08own constraints california so you get the picture there i wanted you guys to i wanted to let that play
07:13for a while so you guys got the full of what's actually happening there i mean it is an entire
07:21mess
07:22an entire mess you know uh well we we got we got to get the clean fuel um although like
07:29barely anybody makes
07:30it right it costs more and two but then also i should say you're not even drilling yourself for the
07:37oil
07:38because it's bad for the environment so instead you have tankers big ships come from across the planet
07:46all the way across the ocean burning all types of fuel to bring you fuel because i'm just
07:56these these these bro these liberals make zero sense zero sense it's bad for the environment to dig
08:03but i'm going to ship it so i'm going to burn gas to get gas but it's bad to dig
08:12for gas i'll just get
08:13it from somebody else who's digging for who's digging for i'm i'm just or drilling for whatever uh
08:21uh anybody else confused because that that doesn't make any sense to me it makes absolutely zero sense
08:29now i want to get into um what gavin newsom is trying to do about this because of course uh
08:40he's
08:41gonna he's gonna try to run for president and he knows that this is going to look really terrible
08:45when gas prices are eight dollars a gallon in his state under his leadership so he's scrambling
08:52but i think it's just too little too late california's energy debate is shifting fast
08:58governor newsom wants a fierce critic of big oil is now looking for ways to keep refineries open and
09:01boost in-state drilling with two major closures looming what does it mean for gas prices climate goals and
09:08consumers joining us now is katherine reheis boyd president ceo of the western states petroleum
09:14association thanks so much for being here thank you for having me so just most important things
09:19we got to know in terms of where are we at what do these refinery closures mean and you know
09:25give us
09:25a landscape so the two refinery closures that everybody's been referring to really caught people's
09:30attention and the reason being we cannot afford to lose anymore we consume we're the of of the entire
09:40world for the third largest consumer of gasoline as a state and the only ones in front of us united
09:48states
09:48of america and china so we consume a lot of gasoline we cannot have refineries close and limit
09:57the ability to provide fuel to californians so why did these two refineries got everybody's attention
10:02that's 20 percent of the fuel supply of the state so what happened is in april the governor got
10:10interested in this topic and said i'm worried and energy commission go figure it out that response
10:18came back to the governor and pointed out certain actions that have to be taken and those are now going
10:24to be considered in the next 30 days so you
10:27oh my goodness those actions were going to be considered
10:45yeah liberal policies are absolutely garbage actions are going to be considered when your gas is
10:52about to go to eight dollars a gallon
10:56talk about being bold as a politician yeah that's pretty damn bold you're gonna make your constituents
11:02pay nearly eight dollars a gallon for gas and you're just like yeah we'll consider some things to uh
11:08lower these gas prices we'll just consider them okay all right y'all must got a pretty good um
11:14um voting operation going on out there in california
11:21they must not be too worried about re-election in california i don't know but that's what it sounds
11:26like to me because eight dollars a gallon is crazy crazy eight dollars a gallon is just absolutely wild
11:33absolutely wild but that's what liberal policies get you this whole green new scam stuff it's coming
11:40back to bite the democrats in the butt and i'm so entertained this this is this is the funniest
11:47stuff in the world watching gavin newsom flounder around like a fish out of water trying to figure
11:54this thing out last minute because he wants to run for president even though he gets on television
11:59says yeah no i'm not even considering it i i'm the governor like you know the whole political speak
12:06that democrats always do um it's so annoying with it's it's clearly obvious what's happening
12:14because for a long time you didn't care that you had high gas prices in california but now all of
12:19a
12:20sudden you care interesting how that works but y'all get in the comments and let me know your thoughts
12:24and your opinions about all of this uh do you think they'll figure it out let me know stay safe
12:29out there peace and love i'm out
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