How isolated is California? While the rest of the U.S. is consuming less imported oil and more domestic shale oil from fields like the burgeoning Bakken in North Dakota and Eagle Ford in Texas, California is importing more oil from countries such as Ecuador and Iraq—now up to roughly half of what it consumes.To give you an idea of the stark differences, I put this chart together of gas prices over time between CA, NV and OR:
The state also mandates a special blend of cleaner gasoline—with the strictest specifications in the nation—especially in the extended summer months. The cleaner and pricier gasoline, in a driving market that's larger than many countries, has been a plus for the state's air quality, a goal Californians sought. But the trade-off is that during emergencies, California stands alone.
Saturday, October 20, 2012
California's Gas Price: Is There a Villain?
An island unto itself...