You can't pin California's high gas prices on just one thing, but a major reason is that the state has almost no access to the cheaper crudes being produced as part of the shale boom. West Coast refiners pay up to $10 more per barrel for oil because of the high import demand. One emerging shale play, though, could be the fix for that issue, and Whiting Petroleum (WLL) and Noble Energy (NBL) could be positioned to benefit mightily from this opportunity.
With California paying so much of a premium for its oil, and these two companies selling so much of their oil at a large discount, rerouting oil to California could be a strong boost for the companies. Find out why Noble Energy and Whiting Petroleum are in the best position to benefit from this pricing issue by tuning into the video below.
