March 2016, Vol. 243, No. 3

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California Wholesale Gasoline Price Falls Before Switch to Summer-Grade Gasoline

The spot price of wholesale gasoline in Los Angeles fell as low as 66 cents per gallon (¢/gal) on February 18, the lowest spot gasoline price in the nation and something that has only occurred on 24 days in the past 10 years. From February 12 to February 23, the Los Angeles spot price for California reformulated oxygenate blendstock (CARBOB, the petroleum component of gasoline in California) remained the lowest in the nation. On February 23, the specification for CARBOB switched to summer-grade gasoline, which resulted in a one-day price increase of 57%, from 68¢/gal on February 23 to $1.20/gal on February 24. Gasoline markets on the West Coast, especially in California, are usually tightly

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