Division of Petroleum Market Oversight Provides First Market Update

New regulator cited Russia’s invasion of Ukraine, refinery maintenance, and illiquidity in the spot market as the main culprits for the rise in prices.

The newly created Division of Petroleum Market Oversight (DPMO) within the California Energy Commission (CEC) issued its first market update in a letter to Governor Gavin Newsom and state legislative leaders in response to a recent increase in gasoline prices. The DPMO cited Russia’s invasion of Ukraine, refinery maintenance, and illiquidity in the spot…