Severin Borenstein on global oil shocks and California's price premium

Severin Borenstein, a professor at UC Berkeley's Haas School of Business and an expert on the economics of energy, explains how the Iran war is disrupting global oil markets and why California faces especially sharp price impacts. Beyond the crude oil disruptions affecting everyone, the state's refinery shutdowns, import constraints, and gasoline surcharge create unique vulnerabilities as supply chains scramble to adjust.