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Source: U.S. Energy InformationAdministration

Over a five-month period following an explosion at a California oil refinery in February 2015, imports of gasoline into California increased to more than 10 times their typical level, drawing from sources that include India, the United Kingdom, and Russia.

Imported gasoline has been arriving from all over the world (see graph above) at ratesof 28,000–68,000 barrels per day (b/d) for March through July (the latest dataavailable). These levels compare with an average of 5,000 b/d in 2013-14.

California gasoline markets continue to adjust to the February 18 explosion and fire atthe Exxon Mobil refinery in Torrance, California, located southwest of LosAngeles. The Exxon Mobil refinery is the third-largest refinery in SouthernCalifornia. The refinery unit affected by the explosion, the fluid catalytic cracker (FCC),is essential to making gasoline. Torrance's FCC represents 22% of the region'stotal FCC capacity, making it a key source of gasoline and distillate fuelsthat meet California's very stringent fuel specifications. On September 30,ExxonMobil announced the sale of the refinery to PBF Energy, which will be PBFEnergy's first refinery on the West Coast once the sale is complete.

Because ofits unique product specifications and long distance from international gasolinemarkets, California specifically, and the West Coast in general, does not typicallyimport much gasoline. As a result, the sudden loss of supply from the Torrancerefinery resulted in immediate supply shortfalls and higher wholesale andretail prices. The higher wholesale prices covered the costs ofimporting more gasoline fromdistant markets into California to make up for the supply shortfalls.

The U.S.Energy Information Administration's company-level import data showthat from March to July, California imports of motor gasoline averaged 52,000b/d, from 15 different countries. The main supply sources have been refineries in India and the United Kingdom, averaging 13,000 b/d and 11,000 b/d over thattime, respectively. California has also imported an average of 5,600 b/d fromRussia over that period, along with smaller amounts from refineries across Europe and Asia.

Most of the imported gasoline has arrived in Southern California ports (Long Beach, LosAngeles, and El Segundo). From March to July, more than 50% of the imported motor gasoline volumes have been classified as "all other motor gasoline blending components," indicating that the gasoline material being imported consists mostly of higher octane blending components such as alkylate and reformate, which are then used to make California-grade gasoline.

With the Torrance refinery still offline, wholesale and retail prices in California have remained higher than in other areas of thecountry. Since the outage (mid-February through September), wholesale spot California grade gasoline prices in Los Angeles have averaged $2.17 per gallon(gal). This price represents an average premium of 38¢/gal compared to thefront month futures contract of reformulated blendstock for oxygenate blending(RBOB, the petroleum component of gasoline) from the New York MercantileExchange (Nymex). In July, Los Angeles 9/gal, an average premium of 31¢/gal compared with Nymex RBOB.

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