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3/10/2026 - 10:00 AM
MISSION: We seek to provide timely, informative updates on regional topics relevant to our members.
Recap:
SPECIAL REPORT: Rising Oil and Chemical Costs Loom Over Monterey County Economy
Rising costs of oil and chemicals resulting from military actions in the Middle East are negatively affecting the finances of Monterey County businesses, public agencies, and individuals, especially those parties that use vehicles powered by combustion engines.
Some of these impacts are not as visible as the soaring price at the gas pumps, but noticed by our local agriculture, hospitality, education, and construction industries.
For example, the Middle East is a major global source for fertilizer and fertilizer components, as noted by the American Farm Bureau Federation. The Monterey County Farm Bureau reports that its members are concerned about rising fertilizer costs, as farmers did not account for a projected cost increase when they negotiated their crop contracts for the spring season.
The cost of air passenger and air freight travel is going up. The International Air Transport Association (IATA) Jet Fuel Price Monitor reports that the global average jet fuel price last week rose 58.4%.
In addition, California is surprisingly dependent on imported crude oil supplies, including from the Middle East. According to the California Energy Commission, "Annual Oil Supply Sources to California Refineries" in 2025 were 61.1% from foreign countries, 22.9% from California, and 16.0% from Alaska.
In 2024, the top foreign importers of crude oil to California, in terms of percentage of all foreign imports, were Iraq (21.3%), Brazil (20.41%), Guyana (15.8%), and Ecuador (13.6%), according to the California Energy Commission. Iraq, which the U.S. invaded in 2003, is now the leading foreign exporter of oil to California.
Note that the Valero refinery in Benicia and the Phillips 66 refinery in Los Angeles (Wilmington/Carson) recently closed, so groups such as Californians for Energy Independence assert that in 2026 "more than 70%" or even 75% of crude oil to California is imported from other countries.
CITY OF MONTEREY
- Today (Tuesday, March 10, 2026), the City of Monterey and Congressman Jimmy Panetta are holding a press conference at Municipal Wharf 2 to recognize a $1.92 million federal grant for the City of Monterey to make critical repairs to this commercial wharf, including repairs to restore structural load-bearing capacity, ensuring continued use, economic support for fishing operations, and public safety.
MONTEREY COUNTY
- Today (Tuesday, March 10, 2026) the Monterey County Board of Supervisors is holding a ceremony at the Monterey County Administrative Office in Salinas to unveil the COVID-19 Memorial Garden and Art.
NON PROFITS
- United Way Monterey County now has 90 volunteers at tax preparation clinics throughout Monterey County, including sites at Monterey Peninsula College (MPC) and the Marina Branch of the Monterey County Free Libraries.
CONSTRUCTION
- Construction continues for the new terminal, nearby roundabout, and the parking lots at Monterey Regional Airport.
RETAIL
- The Barnyard Shopping Village Carmel reports upgrades of their gardens and upcoming installation of ten EV chargers.
MPCC
- Your Monterey Peninsula Chamber of Commerce is monitoring proposals for oil and gas drilling off the California coast, particularly within the Monterey Bay National Marine Sanctuary, and has produced a letter officially stating its opposition to oil and gas wells in Monterey Bay and off the Monterey County coast (Big Sur).
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