Will Pennsylvania Raise Gas Taxes Again? Update

Last December I wrote about the proposed Transportation and Climate Initiative (TCI), which would require wholesalers of gasoline and diesel in participating states to buy carbon credits to sell their fuel.  As a result of the COVID-19 pandemic, the TCI jurisdictions have adjusted their timeline for developing the program, and a final Memorandum of Understanding is now expected in the fall of 2020.  TCI notes that work on the program details will continue, as will engagement with stakeholders.

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Gasoline in Pennsylvania

pump-1

On March 1st the front month futures gasoline contract closed at $1.74 a gallon. At the time of this writing the contract trades were at $2.03 per gallon, a 14% increase in five weeks. Further pushing physical prices higher is the price differential (Basis) versus the futures which moved $0.07.

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March Madness

gas_prices-1Notwithstanding OPEC production cuts, Venezuela sanctions restricting crude supply to the US Gulf Coast driving the market higher, retail gasoline prices are poised to make their annual spring run. Seasonal specification changes in gasoline have a significant impact on price.

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The Squeeze is On

The thinly traded holiday gasoline market bottomed out on December 24th with a NYMEX low of $1.2352 per gallon. Here we are a few days into the New Year trading at a high of $1.4146. Here’s what happened to push prices higher.

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Relief at the Pumps

The summer grade 7.8 RVP in Pittsburgh, PA gasoline specification requirement expired over the weekend. Now the Pittsburgh market can use the same gasoline specification (Conventional Gas) as most of the state.

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