Refineries issues, 'unusual transaction' on spot market flagged as average price soars over $6 a gallon in San Diego
This summer, the price of Brent crude — the international benchmark in the futures market — has jumped from $71 in June to more than $90 after cuts in production by the Organization of the Petroleum Exporting Countries and a coalition of other nations that make up what’s called OPEC+.Even with all those factors at play, there appears to be an unexplained price differential in what California drivers pay when they fill up.
Even after the state’s high taxes and fees are taken into account, Borenstein’s data show a “mystery surcharge” that has. Over that time, that differential has been passed onto drivers in California to the tune of $50 billion, by Borenstein’s estimation. Borenstein is optimistic that Milder and the Division of Petroleum Market Oversight may help solve the mystery.
“It’s interesting that politicians in California look at oil companies first without looking at their policies that create this,” De Haan said. “This is just Economics 101 for somebody who watches markets and sees the way prices move ... It doesn’t seem like there’s anything nefarious that I can see, other than the market is reacting to a perceived shortage in supply because of a tremendous amount of refinery snags right now.
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