More like President Carter all the time

California refineries are starting to ration gasoline due to reduced output. This is causing some gas stations to close. "The profit margins are so low it's not worth it," said one owner. Bloomberg: Valero Energy Corp. (VLO) stopped selling gasoline on the spot, or wholesale, market in Southern California and is allocating deliveries to customers. Exxon Mobil Corp. (XOM) is also rationing fuel to U.S. West Coast terminal customers. Costco's outlet in Simi Valley, 40 miles (64 kilometers) northwest of Los Angeles, ran out of regular gasoline yesterday and was selling premium fuel at the price of regular. The gasoline shortage "feels like a hurricane to me, but it's the West Coast," Jeff Cole, Costco's vice president of gasoline, said by telephone yesterday. "We're obviously extremely disheartened that we are unable to do this, and we're pulling fuel from all corners of California to fix this." Spot gasoline in Los Angeles has surged $1 a gallon this week to a record $1.45 a...(Read Full Post)

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