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Oil Watchdog | Archive | July

Archive | July, 2007

Press Release

Conoco: No Profit? No Problem

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24. July 2007

Conoco: No Profit? No Problem

07-25-07 by dugan   What’s up with Conoco Phillips reporting a 94% drop in it 2nd Quarter profit, to a measly $310 million, but analysts were drooling over its record refinery profits, not a $4.5 billion writeoff of Conoco’s oilfields in Venezuela. Conoco’s refinery profits were up 38% ($2.4 billion this year vs. 1.7 billion […]

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Press Release

BP's Refining Shores Up Profit

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24. July 2007

BP's Refining Shores Up Profit

NEWS RELEASE July 24, 2007 CONTACT: Judy Dugan, 310-392-0522, ext. 305, or cell: 213-280-0175 BP’s 2nd Quarter Refining Windfall Shores Up Lower Profit Elsewhere; Rest of Big Oil Will Show Same Pattern Of More Money From Making Less Gasoline, Says Group Santa Monica, CA — British oil giant BP today reported a 29% increase in […]

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Press Release

Oil Refining: Slow-Motion Enron

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23. July 2007

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Oil Refining: Slow-Motion Enron

07-23-07 by dugan     When is the oil industry most like Enron? When it’s draining supplies of gasoline instead of building them, guaranteeing record pump prices that empty your wallet into their profits. That’s the plain-language bottom line of a report released today by OilWatchdog (The press release is below this post.) We called […]

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Press Release

Study: Refinery Cuts = Price Spikes

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23. July 2007

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Study: Refinery Cuts = Price Spikes

NEWS RELEASE July 23, 2007 CONTACT: Judy Dugan, 310-392-0522 ext. 305, or Doug Heller, ext. 309, or Tim Hamilton, 360-495-4941 "The Katrina Syndrome": Study Finds Oil Refiners’ Inventory Cuts Generated 2007 Price Spikes; Investigation, Oversight of Refinery Operations & Profits Is Urgent, Says Group Santa Monica, CA — Oil refineries’ deliberate failure to boost gasoline […]

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Press Release

The Other Oil Addiction: Politicians Love That Tax Revenue

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20. July 2007

The Other Oil Addiction: Politicians Love That Tax Revenue

If you want to know (another) reason politicians don’t really want to step in and take action to lower gas prices, check this out from Associated Press on California’s current budget debate: The budget adopted by the state Assembly, 56-23, contained about $103 billion in general fund spending, $1 billion less than Schwarzenegger proposed in […]

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Press Release

Exxon Admits “Hot Fuel” Ripoff

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17. July 2007

Exxon Admits “Hot Fuel” Ripoff

NEWS RELEASE July 17, 2007 CONTACT: Judy Dugan, 310-392-0522, ext. 305, or cell: 213-280-0175 ExxonMobil Pump Decals Will Admit "Hot Fuel" Ripoff to Consumers; Group Demands the Next Step: Fix the Problem Santa Monica, CA — ExxonMobil will put decals on its gasoline pumps in California and Arizona acknowledging that "hot fuel" may not deliver […]

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Press Release

OPIS and OPEC, Together

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16. July 2007

OPIS and OPEC, Together

07-16-07 by dugan   I wrote earlier about OPEC refusing to pump more oil because world markets are already bulging. OPEC officials said low supplies of refined fuel and resulting high pump prices were driving oil prices, not the other way around. It turns out that Tom Kloza, chief analyst of the Oil Price Information […]

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Press Release

Midwest, Meet California

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16. July 2007

Midwest, Meet California

07-16-07 by dugan   The rise in gasoline prices being reported today, with the Midwest topping $3.30 while California stayed around $3.15, is further proof of the disconnect between oil prices and gasoline prices. The Midwest is in the position where California was in May: One refinery accident away from record pump prices. It suffered […]

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Big Oil's research impact debated

15. July 2007

Big Oil's research impact debated

The San Francisco Chronicle July 15, 2007 by Rick DelVecchio, Chronicle Staff Writer NORTHERN CALIFORNIA – Big Oil’s impact on research is debated The oil industry has committed more than $700 million to alternative energy research at three Northern California universities, prompting debate over how commercial interests might shape the direction and results of scientific […]

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Press Release

Call It "Gigantic Oil"

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12. July 2007

Call It "Gigantic Oil"

07-12-07 by dugan Here’s a short-form roundup from priceofoil.org on the latest Fortune 500 list: Ooil companies and their biggest customers, the auto makers, dominate the Top 10. Something not noted: Walmart’s, listed as No. 1, has a  profit percentage of 1.3%, about one-fifth of Exxon’s, even given the fishy accounting method that Exxon and […]

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