California drivers hoping for relief at the pump are about to be sorely disappointed.
Even after a surprise U.S.-Iran two-week ceasefire that sent oil prices tumbling, experts warn the damage is already done — and gas prices could stay painfully high for months.
That’s especially brutal news in the Golden State, where prices were already flirting with $6 a gallon and diesel smashing records — the worst in the nation.
The whiplash started when global oil markets went into panic mode during the Iran conflict, choking off supplies through the Straight of Hormuz — a critical artery for roughly 20% of the world’s oil. More than 60% of California’s oil comes from foreign countries.
Now, even with ships expected to start moving again, don’t expect instant relief.The U.S. Energy Information Administration on Tuesday said fuel costs could linger at elevated levels for months after the waterway fully reopens, thanks to supply disruptions and refinery bottlenecks.
So that brief oil price dip likely won’t translate to lower prices at your local gas station anytime soon.
Nationwide, the average for a gallon of regular gas sits at $4.14 a gallon — but California drivers routinely get hammered far worse due to tighter fuel standards, limited refining capacity and heavy taxes. The state average sits at $5.93 as of Tuesday.
Prices have also surged far above the national average in recent weeks, jumping more than 17% in a month — with spikes pushing past $6 in some regions.
Diesel — the lifeblood of trucking and shipping — is even uglier, threatening to keep costs high for everything from groceries to construction.
Meanwhile, the global oil market is still on edge. Even during the ceasefire-driven drop, crude remains volatile after earlier flirting with triple-digit territory — and analysts warn uncertainty alone can keep prices inflated.
