Oil

It's probably hard to feel the sting of state gasoline prices, that are 70 cents per gallon above US prices, when you are in an ivory tower.  Perhaps that's why some of the academics on California Energy Commission's Petroleum Market Advisory Committee (PMAC) are taking a slow train to recommendations about how to fix the Golden State gouge that's been causing pain at the gas pump for the last year.  

California has a summer blend of gasoline in order for cars to run more efficiently and cleaner in the warmer months. This year, refiners used their market power to raise prices after the switch took place in Los Angeles. The blend is marginally more expensive to make, but not by anywhere near what LA refiners are charging their gas stations for the new blend: 37 cents more.

Big Oil has fought for years to keep its secrets invisible. But this week, state officials may have finally realized that what is good for the oil industry has been devastating to Californians.