California’s energy regulator is on the lookout for oil traders trying to game the state’s gasoline market as fuel supplies tighten heading into the end of year.
In a Tuesday letter to Governor Gavin Newsom, the agency warned that looming fuel shortfalls could lead to price spikes at the pump, creating opportunities for market manipulation. The regulator plans to scrutinize any traders whose purchases “drive up the market price unnecessarily,” especially if their positions would benefit from rising prices.
California regularly has the highest gasoline prices in the nation and has faced notable price surges in the fall of 2022, ...