IlluMyFi

Despite indicating they would refill the Strategic Petroleum Reserve (SPR) by the end of this year, the Department of Energy has now canceled solicitations offered last month. Citing rising oil prices, the DOE said, “We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow.” Three million barrels of oil had been slated for delivery to the Bayou Choctaw SPR site in August and September. The SPR is the world’s largest supply of emergency crude oil.…

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21.12.24 10:00

by oilprice.com

Debunking the Myth of Oil Refiner Price Gouging in California

In 2022, California Governor Gavin Newsom signed SB-1322, the Oil Refiner Price Disclosure Act, into law. The legislation was hailed as a major step toward transparency, requiring refiners in California to report detailed monthly data on their gasoline profit margins. Specifically, refiners must disclose: The cost of crude oil purchased The wholesale price of gasoline sold The gross and net profits earned per gallon of refined gasoline Supporters, including consumer advocacy groups like Consumer Watchdog, argued that SB-1322 would expose “excessive...

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