Monday, April 4, 2016 – 09:15 a.m.
California and Inland Empire retail unleaded gasoline prices have rocketed about 60 cents from the recent low. Just as gasoline refiners projected!
The state’s gas prices are now, once again, the highest in the nation. That’s higher than Hawaii.
The development comes even though crude oil remains under $40 per barrel, and state gasoline supplies are robust.
Remember the industry spin about the switch to emission-friendly “summer Blend” gasoline would cost half a buck to make.
That’s even though it really costs about 20 cents more per gallon.
On Monday, Exxon Mobil has been given approval to restart its Torrance Refinery, which is responsible for producing nearly 20-percent of California’s supply.
The refinery, which was shuttered due to a “non-injury” explosion more than a year ago, has since been sold to a New Jersey company.
It should be noted that several state lawmakers were recently treated to a Hawaiian junket paid for by the oil industry.
In Monday trading, Light Sweet Crude Oil is trading at $36.54 per barrel on the New York Merchantile Exchange.