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.
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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.
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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.
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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.
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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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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.
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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 — 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.
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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.
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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.
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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.
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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.
