"I have a map in my office from 1679 which shows California as an island and there is some proof to that."
Those were the words of Occidental Petroleum (NYSE:OXY) CEO Steve Chazen just a few months ago, and it really sums up why Occidental is splitting off its California business and moving its headquarters to Houston. When it comes to petroleum and gasoline, California really is an island separated from the rest of the country.
The Golden State's oil market is more like that of the rest of the world than it is like that of the United States. Because there is little energy infrastructure connecting California to the mid-continent, the oil produced in California fetches...
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