Remember Midway Sunset? Benchmark's disappearance reflects shift to imports, loss of price transparency [Yahoo! Finance]
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Source: Yahoo! Finance
was a standard “you could set your clock to,” as longtime Kern County oilman Les Clark put it. But just try to nail down the price of a barrel of Midway Sunset since the state's largest refiners halted its daily publication last year. There may be some local producers still using the term, along with its lighter cousin Buena Vista, but almost all local oil is instead indexed to the international benchmark Brent crude. People in the business in Kern County say Midway Sunset's extinction reflects California's energy isolation and its increasing shift away from in-state production toward more imported oil. Some mourn its disappearance as a loss for producers who can no longer point to a local standard during negotiations that now give buyers the upper hand. “It was a lot simpler when we had the posting price,” said Clark. He called Midway Sunset “your data point, or baseline, if you will. From there you knew what to expect as far as what you were going to get for a barrel of crude.
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