Tag Archive | "oil companies"

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

Monday, February 8, 2016

Comments Off

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.

Continue reading...

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

Friday, January 29, 2016

Comments Off

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.

Continue reading...

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

Thursday, January 28, 2016

Comments Off

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.

Continue reading...

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

Comments Off

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.

Continue reading...

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

Comments Off

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.

Continue reading...

Tesoro & Valero Report Best 3rd Quarter Ever For California Refining On Record Gasoline Price Spike

Thursday, October 29, 2015

Comments Off

Tesoro & Valero Report Best 3rd Quarter Ever For California Refining On Record Gasoline Price Spike

Santa Monica, CA – The two California refiners that break out California-specific profits today reported their most lucrative California quarters ever. Tesoro’s & Valero’s quarterly reports for July through September help explain why Californians have paid a dollar per gallon over the US average during 2015, Consumer Watchdog said today. The company more than tripled its per barrel profits.

Continue reading...

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

Wednesday, October 28, 2015

Comments Off

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.

Continue reading...

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

Comments Off

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.

Continue reading...

Tesoro Reports Record California Profits After California Price Spike

Wednesday, August 5, 2015

Comments Off

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.

Continue reading...

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

Comments Off

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.

Continue reading...

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

Comments Off

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.

Continue reading...

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

Comments Off

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.

Continue reading...

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

Friday, May 8, 2015

Comments Off

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.

Continue reading...