Tag Archive | "gas prices"

Consumer Watchdog Report Finds Oil Refiners Rigged Imports and Exports To Inflate CA Gas Prices In 2015

Monday, February 8, 2016

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Consumer Watchdog Report Finds Oil Refiners Rigged Imports and Exports To Inflate CA Gas Prices In 2015

Exxon Parked Tanker In Singapore, Chevron Exported To Drive Price Spike Santa Monica, CA -- Consumer Watchdog delivered a report today to a state panel finding that California’s largest oil refiners calibrated imports and exports of gasoline to artificially inflate gasoline prices during the first nine months of 2015, when gas prices were consistently $1 per gallon higher than the nationwide average.

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Tesoro Reports Record California Profits After California Price Spike

Tuesday, February 2, 2016

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Tesoro Reports Record California Profits After California Price Spike

Santa Monica, CA -- Tesoro, the state’s second largest refiner, reported today that 2015 was its best year ever for refining in California. Based on an analysis of the company’s annual filing, Consumer Watchdog has found that in 2015 the company made $1.9 billion in California alone- their best year ever by over a billion dollars. The company controls 27% of California’s refining capacity. Tesoro made $423 million in California in the fourth quarter of 2015.

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Gouged California Drivers Bankroll Chevron’s Best US Refining Year Ever

Friday, January 29, 2016

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Gouged California Drivers Bankroll Chevron’s Best US Refining Year Ever

Santa Monica, CA -- Chevron's US refining profits soared to their highest ever in 2015, thanks to California drivers who paid inflated prices for gasoline, Consumer Watchdog said today.

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Overpriced California Gasoline Fuels Tripling of Valero’s Average Annual Profits

Thursday, January 28, 2016

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Overpriced California Gasoline Fuels Tripling of Valero’s Average Annual Profits

Santa Monica, CA -- Valero, California’s fourth largest oil refiner, reported $852 million in profits from oil refining in California in 2015, blowing past prior years’ profits by treating drivers who buy California gasoline as cash cows, Consumer Watchdog said today.

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Californians Overpay $10 Billion For Gasoline In 2015; Consumer Watchdog Shows Oil Refiners Rig Market With Secret Trades & Anti-Competitive Acts

Wednesday, December 16, 2015

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Californians Overpay $10 Billion For Gasoline In 2015; Consumer Watchdog Shows Oil Refiners Rig Market With Secret Trades & Anti-Competitive Acts

Sacramento, CA -- Consumer Watchdog today revealed to a state oversight panel new tactics by which California oil refiners had their most profitable years ever and state drivers paid more at the pump than ever before compared to US drivers.

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Refiners Chevron, Tesoro, and Valero Each Triple California Profits In First Nine Months To Highest Ever; Spike Mirrors Record Lobbying Spending

Thursday, November 19, 2015

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Refiners Chevron, Tesoro, and Valero Each Triple California Profits In First Nine Months To Highest Ever; Spike Mirrors Record Lobbying Spending

Santa Monica, CA – The three major refiners that provide detailed profit information reported their best ever year to date from oil refining in California. Each company at least tripled their average historical profits in the third quarter, according to Consumer Watchdog’s analysis released today.

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California Consumers Drive Chevron To Record Refining Profits In First Nine Months

Friday, October 30, 2015

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California Consumers Drive Chevron To Record Refining Profits In First Nine Months

Santa Monica, CA -- Chevron today reported its highest U.S. refining profits for the first nine months of the year—a whopping $2.6 billion as compared to $1.7 billion for the same period last year. Since 54 percent of the company’s refining takes place in California, California drivers paid the price, Consumer Watchdog said today.

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Excessive CA Gas Prices Fuel Best Refining Profits Ever For Valero, 14X More Than Same Quarter Last Year

Wednesday, October 28, 2015

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Excessive CA Gas Prices Fuel Best Refining Profits Ever For Valero, 14X More Than Same Quarter Last Year

Santa Monica, CA – California’s 4th largest oil refiner reported today that it made its highest profits ever on oil refining in California this summer. Consumer Watchdog said the investor reports prove that the state’s excessive gasoline prices, which were a dollar more than the US average this summer, were pure profit for the refining industry and unreasonable.

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Consumer Watchdog Reports On Historic Gap Between Wholesale Prices and Retail Prices At Gas Pump To Expose California Gas Price Manipulation To Energy Commission

Tuesday, October 13, 2015

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Consumer Watchdog Reports On Historic Gap Between Wholesale Prices and Retail Prices At Gas Pump To Expose California Gas Price Manipulation To Energy Commission

Sacramento, CA -- Consumer Watchdog testified Tuesday that the gap between the retail price paid at the California gas pump and the wholesale price of gas traded within the oil industry has never been greater – signaling gouging of the consumer.

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Big Oil Gives CA Energy Commission Finger, Refuses To Testify Tomorrow On $6 Billion Consumer Gas Gouge

Monday, October 12, 2015

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Big Oil Gives CA Energy Commission Finger, Refuses To Testify Tomorrow On $6 Billion Consumer Gas Gouge

Santa Monica, CA — The oil industry is refusing to produce a single representative to answer questions tomorrow on gasoline supplies and possible manipulation of gasoline prices before advisors to the California Energy Commission, Consumer Watchdog said today. It’s the second rebuff to government. Last March, no oil industry representative was produced to testify before the California Senate on the same issue.

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Labor Day CA Gouging Gap At Pump Rises To $5.3 Billion Since February: Oil Refiners Exporting Amid Gasoline Supply Shortage

Thursday, September 3, 2015

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Labor Day CA Gouging Gap At Pump Rises To $5.3 Billion Since February: Oil Refiners Exporting Amid Gasoline Supply Shortage

Santa Monica, CA – A new analysis by Consumer Watchdog shows Californians have paid $5.3 billion extra for their gasoline due to the higher amount Californians are charged than the rest of the nation since February. As Labor Day weekend approaches, Californians are paying 88 cents more than the national average.

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Tesoro Reports Record California Profits After California Price Spike

Wednesday, August 5, 2015

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Tesoro Reports Record California Profits After California Price Spike

Santa Monica, CA -- Analysis of Tesoro’s earnings released today showed that the company made more California refining profit in the second quarter than ever in the company’s history. Based on the number of barrels the company refined in California, and the profits they made from each barrel, Consumer Watchdog calculates that the company’s second quarter California refiner profits were a record high of $668 million, crushing their prior record of $415 million in the second quarter of 2007. This number is four times higher than their average California profit since 2005 of $138 million.

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Consumer Watchdog Reports Gas Price Spike Costs Californians Record $1.2 Billion More In July; Oil Refiners Take Home $1.61 Per Gallon

Wednesday, August 5, 2015

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Consumer Watchdog Reports Gas Price Spike Costs Californians Record $1.2 Billion More In July; Oil Refiners Take Home $1.61 Per Gallon

Santa Monica, CA — California has broken all records for the biggest gap between what consumers here have paid so far versus the rest of the nation for gas at the pump, Consumer Watchdog said today. Californians paid $1.2 billion more, after tax differentials, than the rest of the nation in the month of July, a record, and $4.8 billion more for their gasoline over the last six months ending July 31st, since gas price spikes started. That amounts to $201 extra dollars paid by each California driver.

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