Friday, August 14, 2015 – 08:30 a.m.
Oil companies just can’t help themselves when it comes to sticking it to Southern California drivers.
The price of regular unleaded gasoline has risen by as much as 13 cents per gallon in the past two days.
Of course there’s no tangible reason for the rise.
Out of the list of standard oil company excuses this time it’s refinery issues. Even though refineries are operating at 91% of capacity.
Crude oil prices hit six and one-half year lows this week, which means oil companies continue to rake in even more profits. In the most recent tracking period, oil companies were banking $1.61 in profit for each gallon sold in the Golden State.
Their explanation that state taxes and fees are the reason why gas prices keep gyrating makes no sense whatsoever, and they know it.
Like we’ve been saying for months. Oil companies can’t fathom letting California gas prices fall below $3 per gallon. When they can just use the state to boost their already sky-high profits.
The summer driving season ends in a little more than two weeks and almost all primary and secondary schools are back in session. The reduction in driving and gas consumption should be interesting.
One can expect more unplanned refinery maintenance shutdowns to support prices.