Impact of California Governor Gavin Newsom's Actions on Gas Prices

California Governor Gavin Newsom's hostility towards the oil industry may lead to the closure of local refineries, potentially causing gas prices to exceed $6 or even $9 per gallon. Newsom has directed collaboration with refineries to ensure a stable gasoline supply.

Investor Bullishness on U.S. Gasoline Futures

Portfolio investors are bullish on U.S. gasoline futures, anticipating price increases due to low inventories, employment gains, household income growth, and the potential impact of an active hurricane season. Ukraine's drone attacks on Russian refineries add to supply concerns. Hedge funds and money managers hold a significant bullish position, with expectations of further price rises.