S&P 500
7,614.80
-0.10%
Dow Jones
51,328.00
-0.09%
Nasdaq 100
30,646.00
-0.23%
Russell 2000
2,930.13
-0.10%
FTSE 100
0.00
+0.00%
Nikkei 225
68,446.70
+1.40%

Energy

California Governor Moves to Cut Gas Prices

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
Governor Edmund G. Brown Jr. ordered the state’s California Air Resources Board (CARB) to move to allow refineries to make winter-blend gas. The action normally does not occur until October 31.

Brown’s office released its letter on the matter:

October 7, 2012

Mary Nichols, Chairman
California Air Resources Board
1001 I Street
Sacramento, CA 95812

Chairman Nichols:

California is temporarily experiencing tight gasoline supplies that are causing dramatic spikes in the price consumers must pay to fuel their vehicles. Gas prices in the State have set new record highs, and gas is completely unavailable at some stations in southern California. If this situation continues, it may cause unacceptable price impacts for consumers and small businesses, significant economic disruption, and serious harm to public safety and welfare.

California refiners are required to produce a summer-blend gasoline through October in most areas of the State. After October 31, a winter-blend gasoline is allowed. Due to the composition of the gasoline, refiners can produce more of the winter-blend than the summer-blend.

In light of the tight gasoline supplies and resulting price spikes, we should not wait until the end of the month to start production of our winter-blend gasoline. Allowing refiners to make an early transition to winter-blend gasoline could quickly increase fuel supply and provide a much needed safety valve with negligible air quality impacts. Accordingly, I am directing that the Air Resources Board immediately take whatever steps are necessary to allow for an early transition to winter-blend gasoline to be manufactured, imported, distributed, and sold in California.

Edmund G. Brown Jr.
Governor

Douglas A. McIntyre

DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
Follow 24/7 Wall St. on Google
Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Douglas A. McIntyre |

California’s Jerry Brown and a Solution to Gas Prices

Governors and state legislatures across the country may want to take a page from the Jerry Brown playbook to bring…

Paul Ausick |

Gasoline Price Hikes Maintain Upward Pace

ThinkstockIn the past four weeks, U.S. crude oil inventories have risen by a total of more than 15 million barrels.…

Paul Ausick |

Gasoline Prices Set for Steady Decline

ThinkstockToday’s U.S. gasoline pump prices are at their lowest point since the end of January. At a national average of…

California Calls Out ‘Stupidity’ of Trump’s Proposed Changes to Auto Standards
Paul Ausick |

California Calls Out ‘Stupidity’ of Trump’s Proposed Changes to Auto Standards

The Trump administration on Thursday released its proposed rules changes to automobile emissions and mileage standards. The state of California…

US Gas Prices Trending Higher
Paul Ausick |

US Gas Prices Trending Higher

This is the 12th consecutive day that gas prices have increased and they are now at their highest level since…

Paul Ausick |

Can California Beat Trump in the Fight over Vehicle Emissions?

On Friday California governor Jerry Brown signed an executive order setting a target of 5 million zero-emissions vehicles on California…

Paul Ausick |

Outlook Remains Rosy for Refiners (TSO, MPC, PSX, ALJ, WNR, CVI, VLO, DK, HFC, HES)

ThinkstockShare prices appreciated by at least 80% for most major crude oil refiners in 2012, a far better performance than…

Trey Thoelcke |

Credit Suisse’s Top Energy Stock Picks for 2014

The energy team at Credit Suisse is positive on the year ahead and has eight top stock picks for 2014.

Mike Sauter |

U.S. Midwest hit by Perfect Gasoline Storm

Retail gasoline prices in the U.S. Midwest were as much as 50 cents higher than in the rest of the…

Top Gaining Stocks

Hewlett Packard Enterprise
HPE • Vol: 153,197,465
Enphase Energy
ENPH • Vol: 8,360,053
Corning
GLW • Vol: 18,152,646
Alexandria Real Estate Equities
ARE • Vol: 4,337,015
Aptiv
APTV • Vol: 6,761,325

Top Losing Stocks

Trade Desk
TTD • Vol: 21,905,513
Intuit
INTU • Vol: 7,383,018
Coterra Energy
CTRA • Vol: 73,319,495
Cboe Global Markets
CBOE • Vol: 5,000,011
HP
HPQ • Vol: 29,259,826