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Insights
Outlooks

Recent Newsletters

Analysis of 2Q2026

May 29, 2026

Current CCA SettlementIncreased

Advanced CCA SettlementIncreased

Current Coverage RatioIncreased

Advanced Coverage RatioIncreased

Analysis

Impacts of California Cap-and-Invest & MRR Updates on Refiners, Traders, and Crude Producers

Analysis of 1Q2026

March 03, 2026

Current CCA SettlementDecreased

Advanced CCA SettlementDecreased

Current Coverage RatioDecreased

Advanced Coverage RatioDecreased

Analysis

Highlight Analysis: Washington’s Emerging Linkage with California & Québec

Analysis of 4Q2025

December 02, 2025

Current CCA SettlementDecreased

Advanced CCA SettlementIncreased

Current Coverage RatioDecreased

Advanced Coverage RatioDecreased

Analysis

Highlight Analysis: How do refinery closures impact California’s C&T program?

Analysis of 3Q2025

August 29, 2025

Current CCA SettlementIncreased

Advanced CCA SettlementIncreased

Current Coverage RatioIncreased

Advanced Coverage RatioIncreased

Analysis

Highlight Analysis: High Stakes for C&T Extension and Reform

Analysis of 2Q2025

May 30, 2025

Current CCA SettlementDecreased

Advanced CCA SettlementDecreased

Current Coverage RatioDecreased

Advanced Coverage RatioIncreased

Analysis

Highlight Analysis: Peering Through the Haze – The Future of California’s Cap and Trade

Analysis of 1Q2025

February 28, 2025

Current CCA SettlementDecreased

Advanced CCA SettlementDecreased

Current Coverage RatioIncreased

Advanced Coverage RatioIncreased

Analysis

Highlight Analysis: California’s Carbon Quake – C&T on Shaky Ground

Analysis of 4Q2024

December 04, 2024

Current CCA SettlementIncreased

Advanced CCA SettlementIncreased

Current Coverage RatioIncreased

Advanced Coverage RatioIncreased

Analysis

Highlight Analysis: What to Look Forward to with Cap & Trade Programs in 2025

Analysis of 3Q2024

August 29, 2024

Current CCA SettlementDecreased

Advanced CCA SettlementDecreased

Current Coverage RatioIncreased

Advanced Coverage RatioDecreased

Analysis

Highlight Analysis: C&T and C&I Updates—Brothers from Different Mothers

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Stillwater Associates is a transportation fuels consulting firm specializing in downstream markets. The downstream business is competitive, and changes happen fast. Our associates leverage decades of experience at major oil corporations to help clients navigate the challenges with the highest level of industry knowledge, market analysis, policy insight, and emerging technology strategies.

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