Prices at the pump are a condition of location, logistics, regional refining, trade, and supply. Do you wonder why prices are cheaper in the Gulf Coast and some areas of the Midwest? That's where the refineries are. Do you wonder why prices are higher in California and Florida? There are no pipelines suppling feedstock, crude oil, into their refining infrastructure. Do you know that Florida's is the third largest petroleum consumer in the US and has no refineries or pipelines. Everything is brought in by ocean going vessels and prices are higher. Hurricanes are another issue. Price spikes have nothing to do with global oil supply.
So that means that CA and FL can't get crude from the US wells because it has to be drawn from local wells or received via vessels in CA, or in Fl, only petroleum products are delivered into three primary state ports via ocean going vessels. Higher costs, right? Add that to the fact that CARB rules, California Air Resources Board, mandates for carbon emissions make California refineries spend millions to reduce carbon.
What does this have to do with global supply/demand and oil prices? Except if you are a huge importer of feedstock, crude oil. Venezuela used to supply a significant portion of heavy crude to Gulf Coast refineries, particularly CITGO which is owned by PDVSA. But they can't maintain their exports due to their socialist leader which has destroyed PDVSA and their economy.
So while oil supply and prices are global, our recent ability to self-supply makes us less vulnerable to oil price spikes.
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