A large fire at Chevron Corp.'s (CVX) Richmond, Calif., refinery has been extinguished, even as traders, bracing for a lengthy outage, were bidding up regional fuel prices.

The Richmond Police Department dispatcher said the fire was "completely out" shortly before 10 a.m. EDT. Chevron spokesman Lloyd Avram said the main fire was extinguished, and safety officials were allowing "a small controlled burn," a safety measure intended to reduce the escape of pollutants into the atmosphere. The company didn't provide an update on production at the 245,000-barrel-a-day facility, which is the largest in the San Francisco Bay area and accounts for nearly 10% of the refining capacity in the U.S. West Coast.

Paul Sankey, an analyst with Deutsche Bank, wrote Tuesday the refinery is likely to be out for several months, and could translate into a 20-cent-per-gallon bump in California gasoline prices, already some of the highest in the country.