Because production disruptions remain at local Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) refineries, Valero Energy Corporation (NYSE:VLO) has stopped spot sales in Southern California, causing gas prices to jump some 17 cents overnight. Some stations closed and others charged in excess of $5 a gallon, while Exxon is rationing to its buyers at West Coast terminals. Average gas prices across California approach $4.49 per gallon, the highest in the United States.
According to the World Bank’s arbitration panel, Ecuador must pay Occidental Petroleum Corporation (NYSE:OXY) $1.77 billion to resolve a contract dispute following the country’s canceling the firm’s oil concession in 2006. However, the government has already announced that it will not comply with any ruling it does not like. So there.
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