Wednesday, July 22, 2015 – 08:00 a.m.
An uptick in crude oil inventory and the impending sale of Iranian oil on the global market has kept downward pressure on prices.
Early Wednesday morning Crude Oil is trading around $49-$50 per barrel. That’s more than half of it’s high from last summer.
California unleaded gasoline prices, however, have barely moved down, let’s say one t0 three cents per gallon. That’s it!
Refiners, while reporting record gross profits, have been selling the idea that supplies are tight, thus prices are high. It’s all about supply and demand they say. Even though state gas supply numbers show no tangible shortage.
The California Energy Commission will release last weeks refinery numbers later today.
We’ll update the inventory and production numbers to see if the gas shortage has materialized.