California could be heading toward a severe energy and economic crisis, with gas prices potentially surging 75 percent to $8.43 per gallon by 2026, according to a new warning from Senate Minority Leader Brian Jones.

Professor Michael Mische with USC Marshall School of Business says the loss in supply from the closings plus predictions made from the added regulations, such as the new Low Carbon Fuel Standard, could cause gas prices to rise by 75% by the end of 2026 — potentially hitting $8.49 a gallon.