File Under: Are You Kidding?

This is the Yahoo/AP headline: California gas prices drop by a half-penny.

California gas prices dipped a half-penny Wednesday, the first drop after a week that saw prices surge a record 50 cents. The statewide average for regular unleaded was just under $4.67 a gallon, still the highest in the nation, according to AAA's Daily Fuel Gauge Report.

I would assume this has more to do with California's Representative Waxman demanding the FTC investigate the spike in gasoline prices than with Governor Brown's "okay" for refineries to do whatever it takes to bring price of gasoline down. Refineries can't turn on a dime even if directed by the governor, but a threat of an FTC investigation will put the fear of Allah into Big Oil.

My hunch is that California motorists are speeding to service stations this a.m. to take advantage of this break in the price.

A little bit of irony, I suppose. The part of the Richmond refinery that caught fire was the unit that converted crude oil to the cheaper winter blend. That unit will remain down through the rest of the year. Hmmm.