There are only *TWO* oil refineries in California? Then perhaps you
would be so kind as to select which two from the following list:
BP West Coast Products LLC, Carson
Chevron U.S.A. Inc., El Segundo
Chevron U.S.A. Inc., Richmond
Tesoro Refining & Marketing Company, Golden Eagle
Shell Oil Products US, Martinez
ExxonMobil Refining & Supply Company, Torrance
Shell Oil Products US, Wilmington
Valero (Ultramar) Wilmington
ConocoPhillips, Rodeo San Francisco
Big West of California LLC, Bakersfield
Paramount Petroleum Corporation, Paramount
ConocoPhillips, Santa Maria
Edgington Oil Company, Long Beach
Kern Oil & Refining Company, Bakersfield
San Joaquin Refining Company Inc., Bakersfield
Greka Energy, Santa Maria
Lunday Thagard, South Gate
Valero Wilmington Asphalt
Tenby Inc., Oxnard
And when you've finished that assignment, get yourself acquainted with
the REAL facts about supply and demand. Hint #1: world demand has now
reached 87 million barrel a day or some 1,000 barrels a SECOND. Hint
#2: oil production in 33 out of the 48 major oil producing countries
is now in decline due to field exhaustion, and this includes Kuwait,
Mexico, Britain's North Sea and, most recently, Russia. Hint #3: oil
producing countries are exporting less crude because of rapidly rising
I stand corrected on the refineries. I was having a conversation with
the owner of a local gas station the other day, and clearly
misunderstood him. As to the real facts of supply and demand, I was
only quoting the WSJ, so perhaps you can straighten them out if you
believe they're confused.
And my apologies for being so snippy. The WSJ and the NYT, like much
of the main stream media, doesn't have a good grasp on this industry,
although there are occasional signs that they may be slowly catching
on. The target forecast of one media darling, Daniel Yergin, a CERA
energy analyst, has oil selling at $38.00 a barrel; today, it's
trading at over three times that.
Where in the WSJ did you find this little gem? I subscribe to the WSJ,
including the on-line, but I cannot find a reference to your quote anywhere
in the WSJ or its archives.
It is intellectually dishonest to try to prove an alleged fact just by a
vague reference to a newspaper.
In that case, I retract my statement, with apologies to you and the rest
of the group. Thanks for setting me straight. And a reminder to myself
not to pass along hearsay information as gospel, regardless of the
credibility of the source.
Not a time warp. Just a normal place. You can't call the west coast a
normal place. Everything is three to ten times higher than it should be out
there. You should be thankful the gas is not $12 a gallon.
I don't think anyone can give you a good answer. However, one thing
to note is that the crack spread as shown below has all but
disappeared, so if refinery margins eventually return to normal levels
(and if that doesn't happen soon, many refiners will go out of
business), gas will be selling between $4.30 and $4.50 a gallon. In
California, regular unleaded is already in the range of $4.45 to $4.50
and it's likely just a matter of time before the rest of the country
Crude oil jumped almost eleven dollars a barrel on Friday and that
came on the heels of some five and a half dollars the day before.
Many in the industry believe $150.00 a barrel is just weeks away, so
in the absense of a world-wide recession, expect continued upward
The national average is currently a hair over $4.00, with some areas
thirty or forty cents above or below. Again, as higher crude prices
make their way through the system and as refiners work to restore
margins, the national average should continue to move closer to $4.30
or $4.50 a gallon. Throw in a hurricane or two or war in the Middle
East and, well, all bets are off.
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