Consumer Watchdog President Jamie Court delivered this testimony and slide presentation on December 16th, 2015, to the California Energy Commission's Petroleum Market Advisory Committee in Sacramento. The panel is charged with determining the causes of gasoline price volatility.
Court lays out information compiled by Consumer Watchdog showing how oil refiners share wholesale pricing data and used dark trades to dump cheap gasoline to artificially raise gas prices across California. The presentation shows how refiners have made record profits in 2015 due to higher pump prices paid in the state.
Following the presentation, committee members Severin Borenstein, James Sweeney, Amy Jaffe, Kathleen Foote & Dave Hackett ask questions.