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Since 1999, regional retail and wholesale gasoline markets in the United States have experienced significant price volatility, both intertemporally and across geographic markets. In particular, gasoline prices in California, Illinois and Wisconsin have spiked occasionally well above gasoline prices in nearby states. The three chapters of my thesis study the relationship between gasoline price spikes, environmental regu-lation of gasoline content, unanticipated refinery outages and other recent structural changes in the domestic oil market. In the first chapter, I detail current regulations related to gasoline content. Im-plemented regionally to address local mobile-source emissions, gasoline content reg-ulations increase costs to refiners, transporters and distributors of gasoline, as well as reduce the fungibility of gasoline across different regions. Chapter one provide