Oil and Gasoline Futures Tumble on Speculation EPA may Grant Calif, NY Formula Waivers

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Crude oil and gaso­line futures fell sharply Thurs­day on the pos­si­bil­i­ty that fed­er­al reg­u­la­tors would grant waivers on gaso­line for­mu­las to Calif and NY, a move that could help ease prices and sum­mer sup­ply bot­tle­necks.

Background
Calif has been fight­ing Clean Air Act’s fuel require­ments since 1999
Calif seeks per­mis­sion to make gaso­line w/o required “oxy­genate” addi­tive of either ethanol or methyl ter­tiary butyl ether, or MTBE
Calif banned MTBE after dis­cov­er­ing ten­den­cy to pol­lute ground­wa­ter; NY and CT insti­tut­ed MTBE bans that began Jan. 1
Calif refin­ers now add ethanol instead of MTBE




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