Someone is making a huge killing on oil in California. Gas prices jumped 15-20% for no reason. $4.00 + is typical.
Yes, special blends, only for California, etc. But no refinery explosions, or other supply constraint in the news. Those in the supply chain are making a fortune.
OK, I know, dysfunctional state, we deserve it, glad I don’t live there etc. This is not about that.
False. That unit is still not back up and running from the Spring.
ExxonMobil importing Asian gasoline for the first time since LA-area refinery explosion
http://www.platts.com/latest-news/shipping/houston/exxonmobil-importing-asian-gasoline-for-the-first-21642766 It is why the West Coast is processing less crude oil than in recent years.
http://eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRRIP52&f=W
And is importing more Refined Products from other nations and from other areas of the country.
http://eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WTXIM_R50-Z00_2&f=W
http://eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MPEMXP5P41&f=M
http://eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MPEMXP5P31&f=M
It is the California special recipe that makes it more difficult and more expensive to source gasoline from outside sources when conditions are upset. The special blend must be made outside of normal runs.
How much is the new state “Cap and Trade” inflating petroleum prices?