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Chevron CEO Gets Gouging Award | Oil Watchdog

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Chevron CEO Gets Gouging Award

CONTACT:By

Thu, Oct 25, 2007 at 11:29 am

    Chevron CEO Gets Gouging Award

    NEWS RELEASE
    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
    years."

    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.

    See a photo of the Golden Nozzle here.

    Read more about Chevron’s record here.

    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.

    – 30 –

    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.

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