California Gas Prices Surge Past $6 Amid Oil Supply Crunch

Californian retail fuel prices have hit $6.114 per gallon for the first time since 2023 amid the global supply crunch that has exposed the state’s vulnerabilities, notably its dependence on foreign oil supply. California sources close to a third of the crude oil it consumes from the Middle East. The last tanker carrying crude from the region arrived on the California coast at the end of April, delivering 2 million barrels, CBS reported. No other tankers will be arriving anytime soon, as traffic paralysis in the Strait of Hormuz continues.…