Finger in Air

Friday, February 27, 2015 – 09: 30 a.m.

The gasoline industry experts say they’re shocked over skyrocketing California gasoline prices.

Even the dealers say they’re dumbfounded.

Let’s face it. Oil companies, who are essentially being hurt by lower gas prices, need to take full advantage of the cheap cost they are paying for crude oil. What’s seems to be taking place now is nothing more than the oil companies sticking there finger in the air to see how much they think they can get away with.

Yes, it would seem California, with the sixth largest economy in the world, is the whipping post.

The price of crude oil has climbed just over 10% from its January low. However Inland gasoline prices have now jumped more than 45% from the January low.

No plausible excuse can explain the situation.

Don’t be surprised if there is another refinery explosion before this scam ends.

Here’s the latest numbers as of Friday morning trading.

West Texas Intermediate Crude Oil (WTI)

Futures Contract for April Delivery
Contract Low:   $ 44.37 per barrel
Friday Price:   $ 49.00 per barrel
Change:         + $4.63 per barrel
Percentage:     + 10.43 %
Sampled Inland Empire Regular Unleaded Gasoline Price
January Low:    $  2.19 per gallon
Current Price:  $  3.19 per gallon
Change:         $  1.00 per gallon
Percentage:     + 45.66 %