California gas prices could jump above $6 by end of the year, USC professor predicts

LOS ANGELES (KABC) -- Gas prices across California could significantly increase if two refineries in the state shut down, according to a professor at the University of Southern California.

The Phillips 66 Refinery in Los Angeles could close by the end of this year, which would send prices skyrocketing above $6.

And if the Valero Refinery in the Bay Area closes by the end of next year, that could send gas prices soaring close to $9 a gallon.

"You have a reduction in supply, relatively stable demand and more layering of non-legislative costs... Price is going to go up," said USC Professor Michael Mische.

To compensate for the closures, California would have to import gas from either the Gulf, China, South Korea or Malaysia. Doing so would only add to the costs.

In response to the expected closures, Gov. Gavin Newsom has directed the state to intensify collaboration with refineries to maintain a stable and affordable gasoline supply.