California’s petroleum market watchdog is warning about price gouging at some gas stations charging over $7 or even $8 a gallon as the Iran war sends oil prices soaring. “Our team is vigilantly monitoring the retail, wholesale, and spot markets,” said Tai Milder, director of the California Energy Commission Division of Petroleum Market Oversight, in a statement. The extremely high prices at some gas stations in California “are not supported by current crude oil prices or gasoline futures,” the division said. This isolation makes California gas prices more sensitive to refinery outages and market manipulation. “We know now that their margins are closer to $1.25 per gallon,” he said, citing the group’s analysis of state and Oil Price Information Service data.

Source: Los Angeles Times March 21, 2026 15:51 UTC