Two California Refiners Reveal Windfall Profits For 2022, Continuing In Footsteps of Chevron

Los Angeles, CA—Marathon Petroleum made 75 cents in profit per gallon off West Coast drivers in 2022, virtually doubling what it made the year before, strengthening the case for the California legislature to enact a windfall profits penalty. Meanwhile Phillips 66 reported fourth quarter West Coast results indicating a moderating influence simply from the threat of a windfall profits cap, Consumer Watchdog said today.   

Four out of the five big California refiners have now reported profits of $72.5 billion for the year. (Chevron, Marathon, Valero, and Phillips 66.)

Valero 2022 Profits Skyrocket But Gas Pump Gouging In CA Moderates As CA Threatens Refiner Penalty

Los Angeles, CA—Valero raked in $11.5 billion in 2022 profits, beating its $930 million for the previous year by a dozen times. However, Governor Newsom’s call for a special session in October to deal with price gouging appears to be having an impact on gouging in California as California-reported refinery margins were lower than any other region for the first time this year and in line with historic margins.
 

Oil And Gas Industry Has Spent Over $30 Million In 2021-22 Session Lobbying CA Legislators

By Dan Bacher, ELK GROVE NEWS

December 12, 2022

http://www.elkgrovenews.net/2022/12/oil-and-gas-industry-has-spent-over-30.html

Flush with billions of dollars in record windfall profits, the oil and gas companies in California have been spending big money lately in an attempt to influence the California Legislature and voters and continue the systemic regulatory capture that has fouled California government for decades.

High Gas Costs Hurt California Drivers As Refiners Rake In Huge Profits. These Charts Explain

By Laurence Darmiento, Sean Greene, Vanessa Martínez, THE LOS ANGELES TIMES

December 11, 2022

https://www.latimes.com/business/story/2022-12-11/four-charts-explain-why-californian-gas-prices-are-so-high

Amid historically high California gas prices that have drained drivers' wallets, Gov. Gavin Newsom declared the state's oil industry an outlaw. 

‘Lying and Gouging’: Gov. Newsom Unveils Plan To Cap Oil Refiners’ Profits

By Eliyahu Kamisher, THE MERCURY NEWS

December 6, 2022

https://www.mercurynews.com/2022/12/05/lying-and-gouging-newsom-unveils-plan-to-cap-oil-refiners-profits/

Gov. Gavin Newsom on Monday unveiled his plan to punish oil companies for reaping massive profits in California while drivers emptied their wallets at gas stations.

New Poll Shows More Than 60% of Californians Support Windfall Profits Cap On Oil Refiners

More than six in ten California voters support a proposal to impose a windfall profits cap and price gouging rebate on oil refiners for the abnormally higher gas prices and profits in the state, according to a poll conducted for Consumer Watchdog by FM3 Research, Fairbank, Maslin, Maullin, Metz & Associates.

KNX - Los Angeles, CA; Consumer Watchdog President Jamie Court Weighs In On California Energy Commission Informational Hearing

By Emily Valdez, KNX - Los Angeles, CA

November 29, 2022

Click here to listen to the audio of this radio broadcast segment.

The California energy Commission is holding an informational hearing meaning no votes but Jamie court, President of Consumer Watchdog, hopes action will come from it. We're hoping this creates the record for the windfall profits cap that the governor is is proposing in the special session.

Oil Producers Financing Referendum Against Drilling Ban Received New Permits This Year To Drill In Public Health Safety Zone Ahead Of January Ban

Los Angeles, CA—As a ban on permit approvals for oil drilling near vulnerable communities looms on January 1, oil drillers seeking to overturn the ban have received 86 permits for drilling closer to communities than the ban allows ahead of the deadline, according to a review by the FracTracker Alliance and Consumer Watchdog. 

California Oil Refiners Post 30% Higher Profits In CA, Capturing A $1.8 Billion Windfall: Why We Need A Windfall Profits Cap

Los Angeles, CA--With California’s five big oil refiner third quarter profits reports complete, a Consumer Watchdog review shows that four of the five together posted 30% higher profits per gallon from gasoline sold on the West Coast than anywhere else in the nation or world.

Phillips Extracts 68 Cents Per Gallon In 3rd Q Profits From West Coast Consumers; Pushes Total Windfall Profits For CA Refiners Past $1.5 Billion This Year

Los Angeles, CA—Oil refiner Phillips 66 posted 3rd quarter refining profits of $2.8 billion, accounting for more than half of its total quarterly profits of $5.3 billion. Its total corporate profits rose seven times over those generated in the third quarter last year.

KFBK-AM Sacramento, CA: Californians Are Being Charged 56% More Per Gallon For Profits Than The Rest Of The Country

By Nikka Magahis, KFBK-AM Sacramento, CA

October 28, 2022

Click here to listen to the audio of this radio broadcast segment.

There appears to be more proof of big oil ripping people off at the pump. According to Consumer Watchdog research, Californians are being charged 56% more per gallon for profits than the rest of the country. Governor Newsom says his price gouging penalty would return some of that money.

Chevron Doubles 3rd Q Refining Profit to $2.5 Billion; New CA Transparency Law To Reveal Extent Of Big, Hidden Windfall Profits

Los Angeles, CA—Chevron posted refining profits of $2.5 billion dollars in the third quarter, almost doubling their haul from the same quarter the year before. Half that amount came solely from US refining operations, according to the company’s financials.

Newsom Wants To Tackle High Gas Prices With A New Tax. Here's Why It Might Not Be Easy

By Maggie Angst, THE SACRAMENTO BEE

October 27, 2022

https://www.sacbee.com/news/politics-government/capitol-alert/article267851087.html

Nearly a month after California Gov. Gavin Newsom proposed a new tax on "greedy" oil companies charging high gas prices while enjoying unprecedented profits, his administration has shared few details about the plan.

KCRW-FM Los Angeles, CA: Valero's Nearly 3 billion Dollar Windfall In The Third Quarter Included Profits Of More Than 60 Cents A Gallon For Gas Produced In The State

By Staff Reporters, KCRW-FM Los Angeles, CA

October 26, 2022

Click here to listen to the audio of this radio broadcast segment.

Big Oil raised gas prices to record highs in quarter 3 despite crude costs going down. This came at the expense of Californians who paid an average of 6 dollars in 42 cents at the pump when prices peaked in early October. 

KTLA-5 Los Angeles, CA: Valero's Profits In Ca Are Skyrocketing Above Any Region In The World

Investor Data For 20 Years Shows CA Oil Refiners Tripled Their Average Annual Profits In 2022; Windfall Profits Rebate Estimate for 2022 About $1 Billion Already

Los Angeles, CA -- A review of oil refiner shareholder reports shows California oil refiners made an average of 32 cents per gallon annually from 2001 – 2021 compared to unprecedented profits of between 79 cents per gallon and $1.01 per gallon in the second quarter of 2022.
 
Governor Newsom has called a special legislative session for December 5th to address these windfall profits.
 

KNX 1070AM Los Angeles, CA: Consumer Watchdog Urges Gov Newsom To Follow Through On Windfall Profits Tax On Oil Refiners

By Staff Reporters, KNX 1070AM Los Angeles, CA

October 6, 2022

Click here to listen to the audio of this radio broadcast segment.

Jamie Court with Consumer Watchdog urges Governor Newsom to follow through and push the State Legislature to reconvene to pass a windfall profits tax on greedy oil refiners ripping off Californians at the gas pump.

KQED 88.5 FM San Francisco, CA: Calls Grow For Special Session of CA Legislature To Pass Windfall Profits Tax On Big Oil

By Tara Siler, KQED 88.5 FM San Francisco, CA

October 6, 2022

Click here to listen to the audio of this radio broadcast segment.

Jamie Court with Consumer Watchdog urges Gov Newsom to call the CA State Legislature back for a special session to pass a windfall profits tax on Big Oil. 

California Oil Refiners’ Windfall Profits Require A Windfall Profits Tax To Bring Gas Prices Under Control, Consumer Watchdog Report Shows

Los Angeles, CA — Pointing to windfall profits reported by California oil refiners to their investors, Consumer Watchdog issued a report showing that a windfall profits tax is needed to bring California gas prices under control and outlining how to structure the tax.
 

California Gas Prices Hit Record Highs. But Relief May Be Coming. Here's Why

By Janet Wilson, THE DESERT SUN

October 5, 2022

https://www.desertsun.com/story/news/2022/10/05/california-gas-pump-pri…

Gas prices at the pump hit record highs in many parts of California on Wednesday, with greater Los Angeles seeing an unprecedented average of $6.49 per gallon for regular. Prices at some Southern California locations hit more than $8 per gallon.

Supply Squeeze Prompts Record Gas Prices

By Matthew Hall, SANTA MONICA DAILY PRESS

October 4, 2022

https://smdp.com/2022/10/04/supply-squeeze-prompts-record-gas-prices/

Average gasoline prices in Los Angeles have risen 63.4 cents per gallon in the last week, according to GasBuddy’s survey of 2,135 stations in Los Angeles. Prices in Los Angeles are $1.08 cents per gallon higher than a month ago and stand $1.93 per gallon higher than a year ago. 

Oil Company Extortion in California as Consumers Pay Twice as Much Per Gallon as the Rest of the Country

By Ian Masters, BACKGROUND BRIEFING

October 3, 2022

Click here to listen to this podcast. 

Then with consumers in California paying twice as much per gallon as the rest of the country because refineries are producing less without explaining why, we look into what Governor Newsom is describing as extortion with the five refiners ripping off the public while making more money for delivering less product.

KNBC TV-4 Los Angeles, CA: Southern California Gas Prices are Breaking Records — Again

By John Cadiz Klemack and Maggie More, KNBC TV-4 Los Angeles, CA

October 3, 2022

https://www.nbclosangeles.com/news/local/southern-california-gas-prices…

It's a record that drivers in Southern California were hoping would stay unbroken: gas prices are now at all-time highs in Los Angeles County and Riverside County.

Newsom Relaxes Refinery Rules As California Gas Prices Soar

By Kathleen Ronanyne, ASSOCIATED PRESS

September 30, 2022

https://apnews.com/article/business-california-gavin-newsom-prices-clim…

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom on Friday announced that oil refineries could start selling more polluting winter-blend gasoline ahead of schedule to ease soaring fuel prices, directly contradicting his own goals for reducing climate pollutants.

KCRW 89.9FM NPR Santa Monica, CA: High Gas Prices In CA Are Caused By Oil Refiners Causing Outages

By Cherry Glazer, KCRW 89.9FM NPR Santa Monica, CA

September 28, 2022

Click here to listen to the audio of this radio broadcast segment.

Consumer Watchdog's Jamie Court explains how the huge difference in CA gas prices vs the rest of the country is due to oil refiners causing outages so they can raise prices artificially. 

KNX 1070AM Los Angeles, CA: Oil Refiners Are Causing Outages So They Can Raise Gas Prices

By Staff Reporters, KNX 1070AM Los Angeles, CA

September 28, 2022

Click here to listen to the audio of this radio broadcast segment.

Jamie Court with Consumer Watchdog tells KNX how the big 5 oil refiners who own 90% of business in California are purposely causing outages so they can jack up gas prices.

HIV-Positive Consumer Joins Lawsuit Against Pharmaceutical Giant Gilead Over Price Gouging

Los Angeles, CA -- An HIV-Positive consumer has joined a federal lawsuit against pharmaceutical manufacturer Gilead Sciences in a complaint alleging unfair and anti-competitive behavior in violation of multiple states’ laws, according to an Amended Complaint filed Friday in the United States District Court for the Northern District of California.

Spectrum News 1 Los Angeles, CA: New Bill SB 1322 Will Shine Light On Big Oil's Golden State Gouge

Gov. Newsom Signs Into Law Legislation Requiring CA Oil Refiners To Report Their Profits Per Gallon

Los Angeles, CA — California Governor Gavin Newsom took action to uncover why Californians are paying so much for their gasoline when he signed legislation today requiring oil refiners to disclose their profits from refining oil into gasoline monthly.

SB 1322 (Allen), the Oil Refiner Price Disclosure Act, will require the state’s oil refiners to report monthly on the cost of the crude oil they buy, the wholesale price of the gasoline they sell, and their profits made per gallon.

As CA Gasoline Prices Rise, Gov. Newsom Has A Chance To Get To The Bottom Of Why, Consumer Watchdog Says

Los Angeles, CA — California’s gas prices at the pump are rising yet again just as gas prices are falling everywhere else, and the time has come to find out why, Consumer Watchdog said today.  

According to the most recent report from the federal Energy Information Agency, California is now paying $1.49 more per gallon for gasoline than US drivers.

CA’s Big 5 Oil Refiner Profits Top $26 Billion, $1 Per Gallon; Watchdog To Make Case For Profits Disclosure Bill And Windfall Profits Tax To Assembly Gas Pricing Committee

Los Angeles, CA— A review of California’s five big oil refiners’ investor reports from the second quarter shows unprecedented, windfall profits that top $1 per gallon.  
 
Consumer Watchdog reported that the state’s five big oil refiners, that make 97% of the gasoline in the state, made from three to ten times more in profits per gallon off of West Coast operations from April through June than they did in the same period last year.    
 

Watchdog Tells CA Assembly Select Committee State’s Pain at Pump Requires New Oversight, Excess Profits Tax, New Price-gouging Standards and Update to Anti-trust Laws

Los Angeles, CA -- Consumer Watchdog President Jamie Court called on the California Assembly Select Committee on Gasoline Supply and Pricing to look to the recent extreme profit taking by California’s consolidated oil refiners and consider the strongest possible responses, including taking back excess profits.

The Observer: Proposed Law Requiring Oil Refiners To Disclose Profits Is Only First Step

Opinion Column by Jim Shields, THE WILLITS NEWS

July 2, 2022

https://www.willitsnews.com/2022/07/02/the-observer-proposed-law-requir…

As I reported to you last month, there’s a proposed law that would require oil refiners to disclose their per gallon profits on a monthly basis. The bill recently already passed out of the California Senate by a vote of 22-4.

KCBS TV-2 Los Angeles, CA: Legislation To Force Big Oil To Open Their Books Passes CA Legislature

Legislation Requiring Oil Refiners To Disclose Profits Per Gallon Monthly Clears CA Assembly Natural Resources Committee

Los Angeles, CA - A bill requiring oil refiners to disclose their per gallon profits monthly passed out of the California Assembly Natural Resources Committee by a vote of 8 - 3. The legislation has already passed out of the California Senate by a vote of 22 - 4.

58 California Legislators Have Taken Over $10,000 In 'Dirty Donations'

By Dan Bacher, INDYBAY

June 12, 2022

https://www.indybay.org/newsitems/2022/06/12/18850413.php

A May 2022 update to its Tracking the Dirty Dollars Project by Sierra Club California provides some clarity why California’s environmental policies don't live up to the “green” words of the state’s politicians. This update reveals that only 15 legislators have not received campaign contributions from polluters and their allies since January 1, 2021.

KTTV FOX TV-11 Los Angeles, CA: Overpriced LA Chevron Gas Station Lowers Prices After FOX 11 Coverage

Bill Requiring Refiners To Disclose Monthly Profits Passes Out OF California Senate

By Ian Taylor, BUNKERSPOT

May 25, 2022

https://www.bunkerspot.com/americas/56310-americas-bill-requiring-refin…

SB 1322 (Allen) – a bill that would require oil refiners to disclose their profits on a monthly basis – has passed out of the California Senate by a vote of 22 to 4 and will now be heard in the California Assembly.

'Oil Refiners Exploited The Crisis': Report Shows Oil Refiners Are Gouging California Drivers

By Alexi Chidbachian, KTTV FOX TV-11 Los Angeles, CA

May 11, 2022

https://www.foxla.com/news/oil-refiners-exploited-the-crisis-report-sho…

LOS ANGELES - A recent investor profits report shows that California oil refiners are gouging Californians as they earn more than double the number of other refiners.