|Day's Range||72.92 - 74.40|
California took a step closer to regulating how much profit the state's oil refiners can earn on selling gasoline after a state senate committee last week approved a proposal oil companies rejected as likely to raise costs. The state's Democratic Governor Gavin Newsom proposed to empower the California Energy Commission to set a state gross gasoline refining profit margin, and to levy penalties for exceeding it. The proposal, which would require approval by both houses of state's legislature, has a slim chance of approval after several Democratic lawmakers worried about the unintended consequences of California trying to impose a profit cap, analysts said.
(Bloomberg) -- Oil’s rally stalled in its third day as lagging fuel demand offset data showing a sharp decline in US crude inventories. Most Read from Bloomberg$52 Billion Chipmaking Plan Is Racing Toward FailureNew Yorkers Are Moving to These Three Florida CitiesFBI Releases Files on Ivana Trump$335,000 Pay for ‘AI Whisperer’ Jobs Appears in Red-Hot MarketUBS Veteran Ermotti Returns to Lead Credit Suisse TakeoverWest Texas Intermediate flip-flopped after rising to a two-week high amid slumping
"The near-zero reading indicates activity was largely unchanged from the prior quarter, a break from the more than two-year stretch of rising activity."