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California Refinery Utilization has had a step change shift downwards in the post-COVID world from 85-90% down to 80-85%.

In 2 months CARB will complete an E15 Multimedia Evaluation and adopt a respective fuel specification by the end of July? It would be nice but I doubt it.

E15 in California 🌽⛽

The questions he asked CARB today about LCFS, Liane Rudolph completely fumbled. CARB has been horrible at telling a concise story

No one could explain the "mystery gasoline surcharge" either. "No one knows what it means but its provocative, it gets the people going!"

Good X post/tweet summary of a San Diego Democrat being frustrated with what was said today by CEC, CARB, DPMO at today's hearing regarding gasoline in California and respective regulations (ie LCFS).

Every Assembly member's reaction today when CEC, CARB or DPMO tried to explain the "mystery gasoline surcharge"

He isn't wrong. Today was a joke.

My 2 cents on California carbon policy. In 7 months Newsom becomes a "lame duck" Governor. The tune in Sacramento has changed focusing on affordability issues. If legislation is needed to get Cap & Trade legit post-2030 + if Gov candidates run on a more affordable California

And the primary reason LCFS prices aren't lower is because of the 'Ratchet' or AAM.

Stephen Miller...ruh-roh

The market and Bloomberg has finally caught up with Propel Fuels. Y'all 10 years late though. Renewable Diesel in SF is getting pricey. NYMEX Heat: $2.05 CARB plus attributes: $2.80 R99 SF rack: $3.22-3.32

Danny Cullenward of UPenn is the Jim Cramer of California carbon prices "I don’t think the state is on track for a 40 percent reduction right now...are we actually achieving the goals we’ve set out?" (April 8th) The May CCA auction prices settled at the minimum price.....yikes

ZEITGEIST Weekly Research Notes topics this week: • California vs USGC RD margin indicators • CARB Diesel Basis • CARB Diesel Crack vs SBO RD Margin • California RD Consumption vs US • US RD+SAF Exports by Origination + Destination • CCA Auction Settlement Price

CCAs are trading below the auction reserve price and LCFS prices are below $50/mt but the 'Jim Cramer of California Carbon Prices' from UPenn analyzed LCFS prices in the $150-$250/mt range for 2025. The USC gasoline study took this LCFS study from UPenn to get to $8/gallon.

The US imported the least amount of Biofuels in Q1 2025 since 2012 making it a net exporter of Ethanol and Renewable Diesel 🇺🇸

Elon stepped away from DOGE. Their biggest finding was the $20 billion in EPA funds slated to be given out to NGOs. This was all started by the LCFS Poverty Pimp. "Poverty pimps are individuals or agencies that make money off of the plight of those who claim to serve, the poor,

CARB and the respective people around CARB could say something objective like... "Refiners need to increase utilization. Gasoline cracks in California have been $40-$50/bbl. The numbers Bains is using around the cost of LCFS (and C&T) aren't close to reality." Or post this. SMH

I really don't understand why CARB doesn't say the numbers the other side is using are wrong. This $8 gasoline thing isn't going away and it adds political uncertainty to LCFS.

California gasoline demand destruction over the next 5 years will be bigger than what has happened in the past 10 years