California is one of the places where fuel prices have long traded above global averages, but the current crisis is pushing that premium into uncharted territory. A steadily shrinking refining base and declining domestic oil production had already tightened the system. However, the disruption in the Strait of Hormuz is now amplifying those pressures into something far more serious. Gasoline prices are soaring and have already approached all-time highs of almost $6/USG, while in-state production continues to fall at even higher pace this month,…

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