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 %
California made itself the whipping post by severly limiting suppliers with the california blend. When there are only a few suppliers, they can charge what they wish. Why not require it only in regions that have smog issues? More competition in lower smog areas, more supply of the california blend where its needed.