Tag Archive | "gas prices"

Refiner Valero’s Second Quarter California Profits 10X Higher Than Same Quarter Last Year Due to Market Manipulation and Gasoline Price Spike

Thursday, July 30, 2015

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Refiner Valero’s Second Quarter California Profits 10X Higher Than Same Quarter Last Year Due to Market Manipulation and Gasoline Price Spike

Santa Monica, CA – Valero reported $294 million in second quarter California profits, more than ten times higher than the same quarter last year when the Texas refiner made $24 million. The most staggering increase came in per barrel profits. Last year the company made just 99 cents per barrel in California. This year that number reached $11.23 per barrel.

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CA Data Shows Record Gas Price Spikes = Record Return For California Refiners; Oil Refiners Double Their Margins From Recent Pain at The Pump For Consumers

Wednesday, July 22, 2015

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CA Data Shows Record Gas Price Spikes = Record Return For California Refiners; Oil Refiners Double Their Margins From Recent Pain at The Pump For Consumers

Santa Monica, CA -- Newly posted data from California oil refiners shows that record price spikes at the pump have translated to a record high return to the oil companies of $1.17 per gallon in May of 2015. The average amount that a refiner receives for a gallon of gasoline has been just 46 cents since 1999, according to the California Energy Commission (CEC), but recently updated data on the CEC website shows that in May refiners took home more per gallon than ever before. Consumer Watchdog had urged the CEC to update the data, which had not been posted since August.

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Californians Overcharged $4.5 Billion For Gasoline “Gouging Gap” Since Price Spike Began; Gas Prices Set To Climb Even More

Thursday, July 9, 2015

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Californians Overcharged $4.5 Billion For Gasoline “Gouging Gap” Since Price Spike Began; Gas Prices Set To Climb Even More

Californian drivers, who have paid an average of 74 cents more per gallon at the pump than drivers nationwide, have shelled out $4.5 billion more for their gasoline than US drivers from February to June, Consumer Watchdog said today.

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Consumer Watchdog Presents Evidence To Attorney General & State Of Oil Refiners’ Unprecedented Market Manipulation To Artificially Raise Gas Prices; Companies May Have Violated Previous Agreements & Anti-trust Law

Tuesday, June 30, 2015

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At a meeting of the state commission charged with investigating gas price manipulation, Consumer Watchdog delivered an analysis showing that since the end of May California’s largest oil refiners have engaged in unprecedented price manipulation to keep California gasoline prices artificially high using their leverage of over prices at their branded stations.

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West Coast Oil Companies Exported Record Amount of Gasoline to Foreign Nations A Month Before “Supply Shortage” Price Spike That Cost Californians $3.6 Billion

Thursday, June 11, 2015

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Santa Monica, CA - Oil companies exported more gasoline from the West Coast to foreign nations in the month of December 2014 than ever in the nation’s history, according to Energy Information Administration data analyzed by Consumer Watchdog.

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Tesoro CEO Admits Refinery “Disruption” and Shutdowns = Big Profits, Echoing Chevron Statements About Pump Spike

Friday, May 8, 2015

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Tesoro CEO Admits Refinery “Disruption” and Shutdowns = Big Profits, Echoing Chevron Statements About Pump Spike

Santa Monica, CA -- On a call with investors today, Gregory Goff, the CEO of Tesoro admitted refinery shutdowns and “disruptions” led to big profits on the oil company’s bottom line in the first quarter. Tesoro’s profit per barrel in the first quarter jumped by 20 cents, amounting to California profits of $119 million in the first quarter for the company.

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New Report: Oil Refiners’ Profits Spike With Gasoline Price Spikes

Tuesday, May 5, 2015

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New Report: Oil Refiners’ Profits Spike With Gasoline Price Spikes

San Francisco, CA -- Consumer Watchdog published a new report today, “Refining Profits: How Californians Get Fleeced At The Pump,” showing that oil refiners have made large profits from gasoline price spikes recently and over the last decade. The report reviewed ten years of publicly available profit data.

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ALERT: California Gas Prices Up 37 Cents This Week; A Buck Over National Average, Driven By Refiner Shortages and Outages

Thursday, April 30, 2015

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ALERT: California Gas Prices Up 37 Cents This Week; A Buck Over National Average, Driven By Refiner Shortages and Outages

Refiners Remain Silent Because Law Does Not Require them to Disclose Information Santa Monica, CA—The price of a gallon of regular gas in California spiked up another 40 cents this week and now stands at $3.59 a gallon at the pump due to fresh problems refineries have tried to conceal, Consumer Watchdog said today. Californians are now paying exactly a dollar more than the US average.

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California Gasoline Prices Spike 28 Cents In One Week, 89 Cents More Than USA; Consumer Watchdog Calls On CEOs For Answers

Tuesday, April 28, 2015

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California Gasoline Prices Spike 28 Cents In One Week, 89 Cents More Than USA; Consumer Watchdog Calls On CEOs For Answers

Santa Monica, CA – Consumer Watchdog today said that a price spike of 28 cents per gallon at the pump over the last week was likely caused by a refinery outage or other refinery problems that the public is not privy to, and called on the California Senate to act.

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Californians Paid $1 Billion Extra for Their Gasoline Over National Average in March

Thursday, April 9, 2015

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Californians Paid $1 Billion Extra for Their Gasoline Over National Average in March

Santa Monica, CA — California drivers paid $1 billion extra at the pump in March, when compared to the national average gas price charged to U.S. drivers, according to an analysis of the latest government data by Consumer Watchdog. The nonprofit consumer group said refiners continued to reap a windfall in the wake of refinery […]

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Consumer Watchdog Says California Petroleum Reduction Targets Needed To Stop Oil Company Price Gouging

Tuesday, April 7, 2015

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Consumer Watchdog Says California Petroleum Reduction Targets Needed To Stop Oil Company Price Gouging

Santa Monica, CA -- The nonprofit group Consumer Watchdog said that California legislation being debated today to cut petroleum demand in half will radically reduce the price of fuel in California.

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Tom Steyer and Consumer Watchdog Call On Legislators To Make Oil Company Executives Answer For February’s $550 Million Gas Price Spike

Tuesday, March 31, 2015

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Tom Steyer and Consumer Watchdog Call On Legislators To Make Oil Company Executives Answer For February’s $550 Million Gas Price Spike

Santa Monica, CA — Business leader, philanthropist and climate activist Tom Steyer and Consumer Watchdog President Jamie Court asked California lawmakers to subpoena oil industry executives to explain why California’s gasoline market is structured for shortages and volatility. The executives declined to testify at a March 24 hearing before a joint Senate Committee hearing into February’s dollar-a-gallon price spike at the pump.

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Californians Paid $550 Million Extra During February’s Gasoline Price Spike; Watchdog Report Finds Low Inventories & Profiteering Drive Gasoline Price Spikes

Tuesday, March 24, 2015

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Californians Paid $550 Million Extra During February’s Gasoline Price Spike; Watchdog Report Finds Low Inventories & Profiteering Drive Gasoline Price Spikes

Santa Monica, CA -- At a California State Senate hearing on February gasoline price spikes, Consumer Watchdog issued a report finding that California oil refiners have about half as much gasoline on hand than the rest of America, creating a volatile market that leads to gasoline price spikes. The report, “Price Spiked: How Oil Refiners Gouge Californians On Their Gasoline and What It Costs,” showed that Californians paid $550 million extra for their gasoline in February compared to drivers nationwide by calculating the difference between US and state prices and allotting for consumption.

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