Archive | May, 2008

Blog Post

Regulation Hinted, Oil Price Drops

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29. May 2008

Regulation Hinted, Oil Price Drops

5-29-08 by dugan     It’ll take a few days to see what’s really going on in oil markets, but still… a $4-a-barrel price drop in crude oil markets today followed news that federal regulators were investigating oil trades, and increasing oversight just a little. It’s about time, though I have my doubts about this […]

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Press Release

Oil Futures Inquiry Welcomed

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29. May 2008

Oil Futures Inquiry Welcomed

NEWS RELEASE:  Consumer Watchdog Welcomes Investigation of Oil Price Manipulation, Cautions That CFTC May Be Ill-Equipped Group Calls for FBI, Justice Department Participation, Public Support by Bush CONTACT: Judy Dugan, 310-392-0522 x305, cell 213-280-0175; or John Simpson x317 May 29, 2008 Santa Monica, CA — The announcement that federal regulators are investigating possible price manipulation […]

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Blog Post

Chevron CEO Loses It

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28. May 2008

Chevron CEO Loses It

5-28-08 by dugan Faced with ticked-off shareholders and demonstrators from Ecuador and Nigeria today, Chevron CEO and Chairman David O’Reilly lost his temper at a Nigerian protest leader. The protests over Chevron’s behavior in Ecuador, Nigeria and Myanmar overshadowed O’Reilly’s crowing about profits and the crushing of shareholder revolts like those at Exxon’s meeting. O’Reilly, […]

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Blog Post

How Oil Price “Predictions” Really Work

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28. May 2008

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How Oil Price “Predictions” Really Work

5-28-08 by dugan     Just as the price of oil seemed ready to sag a bit, another big investment bank "predicted" $150-a-barrel in the near future. Lo and behold, oil went back above $133. A story on the day’s trading from CNN Money’s David Goldman has the most succinct description I’ve seen of how […]

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Blog Post

Exxon’s Not-Such-a-Victory

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28. May 2008

Exxon’s Not-Such-a-Victory

5-28-08 by dugan     Today’s large-shareholder revolt against Exxon’s management got just under 40% of shareholder votes today  about what it got at last year’s annual meeting. Exxon viewed it as a victory, but having to mount a fight against the big pension and union funds that hold a trilliion dollars of the company’s […]

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Blog Post

Don’t Blame the Gas Station

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27. May 2008

Don’t Blame the Gas Station

5-26-08 by dugan     I’ve heard from people who represent gas station owners that oil companies allow only a few cents of profit on gasoline sales, in order to maximize corporate profits. I never quite understood how the controls worked, but the Washington Post laid it out in gory detail on Sunday. The upshot: […]

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Press Release

Oil Prices Sag, Pump Prices Rise

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27. May 2008

Oil Prices Sag, Pump Prices Rise

NEWS RELEASE   33-Cent Monthly Rise in Gasoline Keeps Oil’s Foot on Drivers’ Necks   Oil Prices Sag Yet Pump Keeps Zooming; Lack of Oversight Means ‘Double Whammy for Consumers’ and Economy This Summer, Says Group CONTACT: Judy Dugan, 310-392-0522, ext. 305, or cell: 213-280-0175 May 27, 2008 Santa Monica, CA — U.S. gasoline prices […]

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News Clipping

Hot Fuel Worries Californians

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26. May 2008

Hot Fuel Worries Californians

Californians Worry Over Hot Fuel By Staff Writers, THE NATION (Thailand) May 26, 2008 "Consumers are paying through the nose for petrol today, and they’re really angry," said Public Citizen president Joan Claybrook, who last week urged consumers to back proposed federal legislation that would require petrol pumps to take account of fuel’s tendency to […]

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News Clipping

Gas Hits $4 in KC Area

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23. May 2008

Gas Hits $4 in KC Area

It’s Here: Gas Hits $4 In KC Area By Steve Everly, THE KANSAS CITY STAR May 23, 2008 Four dollars and rising. Soaring oil prices have pushed the average price of premium gasoline in the Kansas City area past $4 a gallon for the first time. Other fuel grades, including regular, appear poised to follow. […]

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Blog Post

$5 a Gallon Knocks Out Truckers

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23. May 2008

$5 a Gallon Knocks Out Truckers

5-23-08 by dugan There’s no one harder hit by fuel prices than the nation’s truckers, and they’re going bankrupt at near record rates. The price of diesel jumped a nickel a gallon nationwide today, to $4.649, which is $1.72 a gallon above the price a year ago. In California, diesel is on average just three […]

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News Clipping

‘Hot Fuel’ Adds To Pump Pain

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23. May 2008

‘Hot Fuel’ Adds To Pump Pain

‘Hot Fuel’ Adds To Pain At The Pump By Elizabeth Douglass, LOS ANGELES TIMES May 23, 2008 A survey shows that Californians could be overpaying as much as $3.4 million a day as heat makes gas expand. Soaring gasoline prices are bad enough. But this summer, California’s higher temperatures could add an additional 8-cent-a-gallon wallop […]

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Blog Post

Copy-Machine Oil Hearings

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22. May 2008

Copy-Machine Oil Hearings

5-22-08 by dugan     Watching the same pack of oil executives troop to the House of Representatives today and the Senate yesterday was mostly a deja vu experience. The execs’ canned testimony was from the same outline they used earlier this year and in 2005 and 2006 hearings–high prices aren’t our fault; everything will […]

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News Clipping

Hot Fuel Adds to Summer Gas $

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22. May 2008

Hot Fuel Adds to Summer Gas $

Hot Fuel Adds To Cost Of U.S. Summer Gasoline By Janet McGurty, REUTERS May 22, 2008 NEW YORK, NY — As if paying $4 a gallon isn’t bad enough, U.S. drivers will soon face another gasoline price burden as the summer heat dilutes the amount of driving power delivered per gallon, industry watchdogs said on […]

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