October 25, 2007
CONTACT: John M. Simpson, 310-392-0522, x317, or cell: 310-292-1902
Consumer Advocate Confronts Chevron Chief Executive Over Soaring Gasoline Prices With "Golden Nozzle Award"
Los Angeles, CA — Consumer Advocates from Oilwatchdog.org
today confronted Chevron CEO Dave O’Reilly over soaring gasoline prices
and presented him with a symbolic "Golden Nozzle Award."
The "Golden Nozzle Award" goes to Chevron for sticking it to
California consumers with continued price gouging at the pumps, the
Foundation for Taxpayer and Consumer Rights (FTCR) said.
FTCR stressed that soaring gas prices are largely caused by a lack of refined gasoline, not rising prices of crude oil.
"Chevron controls the amount of gasoline they make and the
company artificially lowers gasoline supplies to drive up gasoline
prices," said John M. Simpson, an FTCR consumer advocate. "When
refinery utilization rates are cut, prices to consumers and Chevron’s
profits go up. That’s why Chevron has not built a new refinery in 30
FTCR said government regulation of refinery supplies is
necessary to control soaring prices and Big Oil’s huge profits. FTCR
bestowed the Golden Nozzle Award on Chevron for:
– Chevron’s outlandish profits driven by excessive gasoline prices.
The company’s leading role in funding the opposition to the development
of alternative fuels through the failed Proposition 87.
– Chevron’s refusal to clean up toxic waste contamination in the Amazon despite ample profits to cover the cost.
O’Reilly spoke to Town Hall Los Angeles, a nonprofit
organization promoting public policy discussions, on "Securing
California’s Energy Future." Simpson attended in order to present
Chevron CEO Dave O’Reilly with a golden gasoline pump nozzle.
In the second quarter Chevron’s overall $5.38 billion profit
was its highest ever for a single quarter, up 23.6% from $4.35 billion
in the same quarter last year. Refining profits were up 41% in the US,
to $781 million from $554 million. Chevron’s third quarter profits are
due to be released next week.
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The Foundation for Taxpayer and Consumer Rights is California’s
leading non-profit and non-partisan consumer watchdog group. For more
information visit us on the web at: www.ConsumerWatchdog.org and www.OilWatchdog.org.