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California's gasoline prices are climbing past $3 per gallon for the second time this summer. And the reason this time is the same as the last - a bull market for crude oil. "Oil futures are being bought for every reason except supply and demand," said Judy Dugan, research director for Consumer Watchdog, a nonprofit group pushing for regulation. "If these were just hats or shoes, it wouldn't matter. But because this is an essential commodity, it does."

Profit Reports Offer More Proof That Oil Prices Are Disconnected From Actual Petroleum

Santa Monica, CA -- On the same day that Exxon Mobil reported a second quarter profit of $3.95 billion dollars, down 66%...

Oil, Gas Prices Rising Again At Record Clip For Holiday, Despite Oversupply, Low Demand, Says Group
 
Washington DC -- The price of regular gasoline at the pump has shot up 30 cents a gallon nationally in the last month and crude oil has nearly doubled, to $60 a barrel, since its low point in December, according to data from AAA and the federal Energy Information Administration. Steeply rising prices are tough on everyone except energy traders, said Consumer Watchdog.

Americans Want Green Solutions But Worry About Costs; Handbook Identifies Wasted Billions, Best Paths

Washington, DC -- As President Obama announces new national tailpipe emission standards modeled on California’s, Consumer Watchdog is releasing a report that outlines how to affordably make the transition. The nonprofit, nonpartisan advocacy group today sent to the White House and Congress its new “Road to Cleaner and Cheaper” handbook, which urges specific policies and grades vehicle and fuel choices on their cleaner/cheaper balance, from “A” for hybrid electric vehicles to “F” for fuel made from coal.

Despite 2/3 Drop in Crude Oil Prices, Oil Giant Boosts Bottom Line With Refining Profits
 
Santa Monica, CA -- Exxon Mobil’s first quarter profit of $4.55 billion dollars is small only by comparison to the last six years of nearly continuous profit records, said Consumer Watchdog. Its first quarter profit is more than $1 billion above what it made for the period in 2003 and about the same amount below its profit in 2004, the first two years of a boom that lasted until the current quarter.

Agreement for Costco Gas Stations Would Adjust Fuel for Temperature in Several States -- Oil Companies Will be 'Making Fairness Illegal' if They Try to Stop Costco Deal, says Consumer Watchdog
 
Santa Monica, CA -- Costco has agreed to settle a lawsuit over the sale of “hot gasoline,” becoming the first U.S. gasoline retailer to do so and setting a possible national precedent, said Consumer Watchdog. The group applauded the discount chain and urged others to break ranks with the oil industry and sell “fair fuel.”

Gov. Schwarzenegger, Assembly Speaker Bass Asked for Action to Protect Consumer Fairness

Santa Monica, CA -- Consumer Watchdog has filed a state complaint that a conflict of interest affected the outcome of the California Energy Commission’s study on the costs and befits of fixing the “hot fuel” ripoff in the state. The group also asked Gov. Arnold Schwarzenegger to request the resignation of the energy commissioner who led the study, and in a letter to Assembly Speaker Karen Bass asked that she disregard the recommendations of the conflicted study, which the energy commission approved last week, and pass legislation that is fair to consumers.

Consumer Group Says Government Staff's Consumer-Oriented Findings Were Altered by Commissioners With Ties to Oil Industry
 
Santa Monica, CA -- Public documents retrieved by Consumer Watchdog reveal that, after private meetings with oil industry representatives, some of the California Energy Commission's politically appointed Board Members changed staff conclusions in a study of "hot fuel," in a way that protected the interest of oil companies.

Commission Again Delays Vote on Anti-Consumer Report as Oil-Lobbyist Spouse of Commissioner Quits Her Role
 
Santa Monica, CA -- Consumer Watchdog and Public Citizen have filed a detailed request for public records of the California Energy Commission, seeking communications between its professional staff and a politically appointed member of the commission’s board whose spouse was a state-registered lobbyist for the oil industry. The two groups previously sent a letter charging a conflict of interest by the commissioner, James Boyd, whose spouse, Catherine Reheis-Boyd, is chief operating officer of the Western States Petroleum Association.

Letter to Commissioner Heading Hot Fuel Study Cites His Clear Conflict of Interest:  Spouse's Petroleum Association Job

Washington, DC -- Two national consumer advocacy groups today protested a report by the California Energy Commission that is likely to roll back consumer rights on the sale of gasoline in the state. The California action will also affect national policy on the fairness of gasoline sales, said Public Citizen and Consumer Watchdog.

Oil Giants Cling to Cash Hoards and Trim Output, Setting Trigger for Next Price Spike

Santa Monica, CA -- Consumers left deeper in debt by 2008’s record price gyrations for gasoline and heating oil now find that their money landed in the pockets of Exxon and Chevron, said Consumer Watchdog. Both oil giants reported record annual profits today, despite a dip in quarterly profits for Exxon.

Oil Production and Gasoline Refining Cuts Increase Odds of Future Price Spikes, Says Watchdog
 
Santa Monica, CA -- Shell’s 4th quarter loss of $2.8 billion, based on the lower value of its oil inventory, turns into a $4.8 billion quarterly profit and a $31.4 billon record yearly profit if those paper losses are excluded, said Consumer Watchdog. Shell, the 2nd-largest integrated oil company, also ended the year with a $15.2 billion cash hoard, up 68% from a year ago, even as it cut oil and gasoline production.

Corporate Cutbacks Now Likely to Generate Price Spikes Later As Economy Tries to Recover
 
Santa Monica, CA -- Conoco Phillips’ CEO today deflected questions on the company’s layoff plans, investment cutbacks and refineries, saying the company was hunkering down for a “significant multiyear recession.” If other oil companies follow suit, they will not meet demand as the economy recovers and prices will be back on a damaging roller-coaster, said Consumer Watchdog.

Consumer Group Calls on Sen. Boxer, California Officials To Investigate at Facility Shell Previously Tried to Shut Down; Warns Gas Prices Could Spike

(Santa Monica, CA)—Consumer Watchdog called for an...

Draft Report Accepts Industry Call for Ban on Temperature-Compensating Device, Denies Consumers Would Benefit From Any Remedy
Santa Monica, CA -- A California Energy Commission (CEC) draft report on the "hot fuel" ripoff proves beyond doubt that consumers are unfairly treated at the pump, yet fails to recommend that the ripoff be fixed through temperature compensation devices at the pump, said Consumer Watchdog.

Current Oil Price Breather Is Right Time for Action to Prevent Next Speculative Bubble, Says Group
 
Santa Monica, CA -- The oil industry’s third-quarter reports ended today with Chevron Corp, which more than doubled its profits to $7.9 billion while the U.S. and world economies slid toward recession, said Consumer Watchdog. Nearly $1.5 billion of the increase came from higher profits on the sale of refined fuels even as drivers cut their consumption sharply—the opposite of what would happen if the laws of supply and demand applied to the oil industry.

'Consumers Now Know Where Their Money Went'; Congress, White House Must Prevent a Repeat of Costly Energy Bubble

Santa Monica, CA -- ExxonMobil's $14.8 billion third-quarter profit reports clears up one thing--now consumers now know where their money went, said Consumer Watchdog. Exxon’s mind-boggling profit is again the highest quarterly profit ever reported by a private company, dwarfing even Shell’s record $8.45 billion, also reported today.

BP Profit, Including Inventory, More Than Doubles from Year Ago to Over $10 Billion on Spiking Oil Prices

Santa Monica, CA -- BP, only number four of the five major oil companies, rode the wave of the crude oil price spike to a staggering profit jump in the third quarter of 2008. It is a stark reminder of the damage inflicted by energy costs on a world economy that was heading into recession, said Consumer Watchdog.

$14 billion profit for the first three quarters is more than $7 billion above 2007, money that “went straight onto consumers’ crushing credit card debt,” says watchdog group.
 
Santa Monica, CA...

Chevron Data Shows Industry Lag in Producing New Oil from U.S. Source -- Lower Production Shows Failure of Investment, Not Lack of Oil, Says Watchdog
 
Santa Monica, CA -- Chevron Corp. reaped another record...