California oil refiners posting record profits during gas price spikes: Report

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In testimony to the California Energy Commission, Consumer Watchdog reported the big five oil refiners in the state posted more than $67 billion in profits in the first nine months in 2021.

spikes, Consumer Watchdog testified before the state's Energy Commission Tuesday. Those refiners also saw 30% greater profits from California during 2022 than from anywhere else in the nation or world, according to the testimony.

Doug Shupe with the Auto Club of Southern California said that the war in Ukraine and regional refinery problems were among the reasons gas prices skyrocketed. For context, the average price per gallon in"We actually broke the gas price record here in the Los Angeles area 3 times this year and that has never happened before," said Shupe.Jamie Court from Consumer Watchdog talks about record profits reported by California oil refiners in the last year.

"There’s no pipeline into California to import crude oil and there’s limited oil for refined fuels," she said.

 

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Sad

California has the highest gas tax. Get rid of those fees and then give after the TOLL ROAD FEES GavinNewsom can fix that like GovRonDeSantis did for his people

It’s California getting you to $6-$8 and higher in some areas with all the taxes at the pump and let’s not forget the failure of Prop 6 by the voters, who actually voted to increase the gas tax! 🙄 The rest of the country is like $2.00 less than CA.

cronies many of these people

It makes me think who really controls the United States ? The people or big corporations?

Its simple supply and demand. Low supply, extremely high demand means higher prices. Sure, they could sell it cheap, at a loss, and then they'd run out of product all together. Gas lines for days. So the price is raised to slow consumption to keep pace with production capacity

This is beyond ridiculous! Where is our legislative body when required to look into collusion? We go through this every year! GavinNewsom FTC FT

Did Newsom have you report this?

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