Tag Archive | "greed"

Consumer Watchdog Testifies That Refiners Continue to Get Rich on Inflated Gasoline Prices By Cutting Production To Reduce Supply

Tuesday, November 29, 2016

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Consumer Watchdog Testifies That Refiners Continue to Get Rich on Inflated Gasoline Prices By Cutting Production To Reduce Supply

Santa Monica, CA – Advocates from Consumer Watchdog testified today at the California Energy Commission’s Petroleum Market Advisory Committee (PMAC) that California drivers are still paying 50 cents more than US drivers as oil refiners continue to reap double their historical profits.

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Consumer Watchdog Calls For Sunlight On Big Oil Refiners To Avert CA Gasoline Price Spikes; State Energy Commission Panel To Make Recommendations On Transparency For Refiners

Friday, April 22, 2016

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Consumer Watchdog Calls For Sunlight On Big Oil Refiners To Avert CA Gasoline Price Spikes; State Energy Commission Panel To Make Recommendations On Transparency For Refiners

Sacramento, CA -- Consumer Watchdog told a state panel looking into gasoline price manipulation today that a handful of big oil refiners have been able to charge California drivers 70 cents to $1 more per gallon than the rest of America because they have an information advantage over the rest of the market, the public and regulators.

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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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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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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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California Officials Ready to Spank Oil Companies

Wednesday, December 17, 2014

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California Officials Ready to Spank Oil Companies

A report released by Consumer Watchdog at the summit showed that the companies had spent more than $100 million on lobbying and campaign contributions during the last five years in California to combat environmental protections.

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