Uncertainty looms as last oil tanker from Middle East arrives in California
Summary
The last oil tanker from the Middle East has arrived in California, bringing about 2 million barrels of crude oil from Iraq. California can meet its fuel needs for about six weeks with current supplies, but the state will need new oil sources soon due to disruptions caused by the war involving Iran and rising gas prices.Key Facts
- California’s average gas price is over $6 per gallon, the highest in the US.
- The oil tanker New Corolla arrived from Iraq, carrying about 2 million barrels of crude oil to Long Beach.
- This shipment is the last one that passed through the Strait of Hormuz before it closed due to the war.
- California imports about one-third of its oil from the Gulf region and relies more on foreign oil than other states.
- The California Energy Commission says current supplies will last about six weeks.
- The war involving Iran has disrupted global oil markets and raised gas prices nationwide.
- Gas prices increased more nationwide than in California since the war began.
- Rising fuel costs have had a greater financial impact on low-income Americans, who have reduced gas use but still pay more.
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