Oil traders are part of the reason for the surge in the price of gasoline, but the prices are primarily effected by the conversion to the summer blend of gasoline (or summer RVP [Reid Vapor Pressure]).
The 7.8 pound RVP fuel is required in many counties across the U.S., and the capacity to refine the lower RVP fuel at a pace to meet U.S. demand is not quite as good as our ability to meet demand with the winter blend.
In the counties that aren't required to use the summer RVP, prices are still affected because production is decreased to meet the demand for 7.8 pound RVP products.Are Oil Swaps the main cause of the recent oil price surge? What are oil swaps anyway.?
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