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This Petroleum Watch examines crude oil prices, gasoline prices, and California’s current supply to describe what the markets have done since January 2022 and compared to 2019 (pre-COVID) levels.
- What Drives California’s Gasoline Prices?
September 2022. Gasoline price changes in California are...
- What Drives California’s Gasoline Prices?
Dec 11, 2022 · At an average pump price of $4.56 per gallon in early December, crude oil accounted for 42% of the cost, according to the California Energy Commission. And although derricks still dot local...
Sep 29, 2023 · The California Air Resources Board allowed late on Thursday, effective immediately, the speeding up of delivery of winter-blend gasoline ahead of the usual regulatory start, as California Governor...
- An Isolated Market
- California's Oil Refineries
- Sources of Crude Oil
- California Consumption
- Gasoline Price Breakdown
California’s transportation fuels market is isolated, meaning that gasoline purchased in California is also refined in the state. Oil refineries and fuel distribution centers are isolated by time and distance from alternative sources to resupply during unplanned refinery outages. Price spikes can last longer for Californians because costs are highe...
Because more than 90 percent of the gasoline consumed in California comes from in-state refineries, significant unplanned refinery outages contribute to increases in the price at the pump. The state’s 14 oil refineries are in the Bay Area, Central Valley, and Los Angeles. Together, these refineries process more than 1.6 million barrels per day of c...
More than two-thirds of the crude oil California’s refineries process comes from out of the state. 1. 56.2 percent of crude oil was imported from foreign sources. 2. 14.9 percent came from Alaska. 3. 28.9 percent was produced in California, with a small amount from the other domestic lower 48 states.
Californians consumed 13.82 billion gallons of finished gasoline in 2021, or 38 million gallons per day. Finished gasoline is base gasoline with ethanol added, blended at 10 percent. The demand for base gasoline, gasoline without the added ethanol, was 12.4 billion gallons during 2021. The demand for gasoline has declined since 2017 due to more peo...
As of August 29, 2022, gasoline cost $1.23 per gallon more in California on average than nationally, at $5.06 per gallon compared to $3.83 nationally, according to Energy Information Administration (EIA) data.
The spot price for West Texas Intermediate (WTI), a benchmark price for U.S. crude oil, followed a similar pattern, finishing the 2022 trading year $4/b higher than on January 3. The Brent crude oil spot price averaged $100/b in 2022, and the WTI spot price averaged $95/b. In the first half of 2022, geopolitical tension with Russia, culminating ...
Dec 17, 2022 · The state’s prices at the pump climbed to nearly $3 above the national average in October, at $6.42 per gallon, while oil companies nearly doubled their year-over-year profits.
Dec 4, 2022 · The price gap widened significantly that year after a major fire at an oil refinery in Torrance sent prices much higher. Prices remained high even after the refinery came back online....
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