Press Release
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.
Press Release
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.
Press Release
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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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.
Press Release
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.
Press Release
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.
Press Release
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.
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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.
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Santa Monica, CA — The oil industry is refusing to produce a single representative to answer questions tomorrow on gasoline supplies and possible manipulation of gasoline prices before advisors to the California Energy Commission, Consumer Watchdog said today. It’s the second rebuff to government. Last March, no oil industry representative was produced to testify before the California Senate on the same issue.
Press Release
Santa Monica, CA – ExxonMobil’s sale today of its Torrance Refinery may allow it to escape the state, but not culpability for the February 18 explosion or its subsequent coverups over its causes. That explosion injured four workers and endangered the community, and touched off a price spike that cost Californians $6 billion more for their gasoline than they would have paid otherwise.
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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.
Press Release
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.
Press Release
Santa Monica, CA — Newly posted data from California oil refiners shows that record price spikes at the pump have translated to a record high return to the oil companies of $1.17 per gallon in May of 2015. The average amount that a refiner receives for a gallon of gasoline has been just 46 cents since 1999, according to the California Energy Commission (CEC), but recently updated data on the CEC website shows that in May refiners took home more per gallon than ever before. Consumer Watchdog had urged the CEC to update the data, which had not been posted since August.
