Don't Californians ever get tired of being blindsided by market effects that everyone else can see coming a mile away? I spent almost a decade of my life working on bankruptcies caused by the meltdown of the ridiculous California attempt to build a pretend-market for electricity in the late 1990s. Hey, I wonder what will happen if we refuse to produce any electricity locally, become dependent on neighboring states, squeeze down our interstate supply lines, and then screw with the market so that no one can get clear short-term price signals, while preventing our three major electrical utilities from hedging with long-term contracts? Who would have dreamed that the whole thing would blow up in our faces?
Almost 15 years later, California's rulers (and voters) still fondly imagine that they can have stable, comprehensible gas-pump prices while constantly jacking around with special-snowflake gas recipes that prevent any reasonable emergency backup supplies from kicking in when there's even a minor emergency at those few refineries that are allowed to stay in business. Now we have people complaining that, yes, of course there was a market perturbation, but it couldn't possibly have caused that kind of spike! It must be evil traders manipulating the market. Collusion! Gouging! Greed!
The market's being manipulated, all right, but it ain't traders doing it. The law of supply and demand works even when it's politically inconvenient. Now watch them "fix" the problem by freezing prices. That way you can get cheap gas -- there just won't be any of it. Thanks, wise, beneficent rulers!