California Faces Rising Gasoline Prices, Division of Petroleum Market Oversight Raises Concerns
Portfolio Pulse from Vandana Singh
The director of California's Division of Petroleum Market Oversight (DPMO), Tai Milder, has raised concerns over rising gasoline prices in a letter to Governor Gavin Newsom. The DPMO's review of recent data revealed that some refineries failed to maintain adequate gasoline levels or import enough fuel to compensate for production shortfalls during the summer. This has contributed to the surge in prices and planned and unplanned refinery outages. The rising cost of crude oil, driven by Russia's invasion of Ukraine, has also contributed to the price increase.
September 26, 2023 | 4:35 pm
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POSITIVE IMPACT
United States Oil Fund (USO) could be positively impacted by the rising crude oil prices. As an ETF that tracks the price of crude oil, an increase in crude oil prices could lead to an increase in its value.
United States Oil Fund, as an ETF that tracks the price of crude oil, is directly impacted by the price of crude oil. The rising crude oil prices could potentially increase its value and attractiveness to investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Chevron Corporation (CVX) may be impacted by the rising gasoline prices and the concerns raised by the DPMO. As a major refiner, any disruption in supply or increase in crude oil prices could affect its profitability.
Chevron Corporation, as a major refiner, is directly impacted by the supply and price of crude oil. The rising gasoline prices and the concerns raised by the DPMO could potentially affect its profitability and stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Exxon Mobil Corporation (XOM) may also be affected by the rising gasoline prices and the concerns raised by the DPMO. As a major refiner, any disruption in supply or increase in crude oil prices could affect its profitability.
Exxon Mobil Corporation, as a major refiner, is directly impacted by the supply and price of crude oil. The rising gasoline prices and the concerns raised by the DPMO could potentially affect its profitability and stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80