How will the El Segundo refinery fire impact California gas prices?

EL SEGUNDO, Calif. (KABC) -- Crews extinguished a massive fire that erupted at a Chevron oil refinery in El Segundo, which sent up large flames and plumes of smoke into the air. Now, the impact of that fiery blast is going far past the South Bay.

Derick Galvan fueled up two generators and a gas can ahead of a packed weekend for his smash burger food truck business, Smash IE.

"Yeah, I am burning through a ton of fuel," Galvan said.

News of the Chevron refinery explosion in El Segundo and its impact on gas prices has him bracing for another hit to his bottom line.

"It is a big deal to me. The little things add up, especially when you're going through as many hundreds of gallons as I go through every day," Galvan said.

The refinery produces about 20% of California's gasoline and 40% of its jet fuel.

According to a statement released by Chevron, the fire was contained to a southeast corner of the refinery unit, but it's still raising questions about how much drivers could be paying at the pump.

"This particular refinery, anytime it shuts down, it impacts prices all along the western coast of the United States, and even into places like Vancouver, British Columbia, other aspects in Canada," said Matt McClain from GasBuddy.com.

McClain says early estimates had the price per gallon jumping 30 to 90 cents more per gallon. But now that the damage to the refinery looks limited, the spike won't be nearly as steep.

"As long as the initial reports of the extent of the damage remains, it's actually a very positive thing for gasoline consumers," McClain said. "The impact is expected to be reduced back to just a nickel to 15 cents a gallon rise at this point at the local pump."

Still, for many drivers, even that feels like too much, especially when prices were already climbing before the fire.

"My family lives in New York. Gas prices there are $3 and under there. So, it doesn't make any sense," said Anita Lakahni from Murrieta.

With the small bump in gas prices, experts say there is no need to panic-buy, because that will just stress the demand.