Author Description

The Spring of 1996 and 1997 provides an excellent example of contrasting gasoline market dynamics. In 1996, tightening crude oil markets pushed up gasoline prices sharply, adding to normal seasonal price increases; in 1997, crude oil markets loosened, bringing prices down. This report, illustrated with charts and tables, summarizes and contrasts the events of the two Springs, taking a deeper look at recent changes in the gasoline supply. It also examines California's almost isolated market, exploring gasoline price behavior by class of trade across regions. Also provides an in-depth look at some of the features of gasoline prices.