Ignore the hype.
Tom Kloza, chief oil analyst for the Oil Price Information Service in New Jersey, says the price of CARBOB, the nation’s most expensive raw gasoline product, has been plummeting, according to the LATimes.
Overnight, the CARBOB price fell 17 cents to $3.24 a gallon. The admixture has already fallen 51 cents from a 30-day peak on Feb. 24.
“California is often the first market in the country to peak,” Kloza told the Times, “and the trend spreads from west to east. We’re still looking at more increases in prices in states east of the Rockies, but this is a notable development that should eliminate the insane predictions of $5-a-gallon gasoline.”
CARBOB stands for California Reformulated Gasoline Blendstock for Oxygenate Blending. It gets blended with ethanol to produce finished fuel.
And remember, even if this is just “California” we’re talking about easily the biggest car market in the country, so it’s a big deal.
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