economy
Uncertainty looms as last oil tanker from Middle East arrives in California
With gas more than $6 in state, delivery of about 2m barrels is last planned shipment to pass through strait of Hormuz
TL;DR
- California's average gas price is over $6 per gallon.
- The last planned oil shipment from the Middle East, carrying 2 million barrels, has arrived in Long Beach.
- This shipment was the final one scheduled to pass through the Strait of Hormuz.
- California has enough fuel supply for approximately six weeks.
- The state imports about a third of its oil from the Gulf and must find new sources.
- The US-Israeli war with Iran has disrupted global oil markets and increased gas prices.
- Political debates in California attribute rising prices to Trump's actions or state regulations.
- Rising fuel prices have disproportionately affected low-income Americans.
- Stock markets surged and oil prices fell after Trump suggested a potential deal with Iran.