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

  • 📰 FOXLA
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 53%

United States Headlines News

United States Latest News,United States Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 445. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rihanna's lingerie company settles California consumer protection lawsuit for $1.2MA lingerie company with ties to singer Rihanna has agreed to pay $1.2 million to settle a consumer protection lawsuit brought on by four California counties over VIP memberships and pricing, attorneys announced Monday.
Source: KPIXtv - 🏆 443. / 53 Read more »

State Leaders to Hold Hearing on Spike in Gas PricesThe California Energy Commission is set to hold a hearing on the spike in gas prices earlier this year, but oil companies won't be attending. Good. They should approve another refinery or two. Also another nuclear plant or three. Good. They should approve another refinery or two. Also another nuclear plant or three.
Source: nbcbayarea - 🏆 596. / 51 Read more »

Should California tax oil profits? Gas spike hearing sets stage for contentious debateThe California Energy Commission on Tuesday called on state experts to testify on a question that has plagued drivers for decades: Why are gas prices in the Golden State so high?
Source: mercnews - 🏆 88. / 68 Read more »

US lawmaker questions major crypto exchanges on consumer protection amid FTX collapseUnited States Senate Finance Committee chair Ron Wyden requested 6 crypto firms provide answers to questions related to consumer asset and data protection by Dec. 12. ice 9?
Source: Cointelegraph - 🏆 562. / 51 Read more »

US consumer confidence falls in November for 2nd monthU.S. consumer confidence fell for the second straight month in November amid ongoing high inflation, rising interest rates, and layoff announcements by several large tech companies. business us consumer kprc2 click2houston
Source: KPRC2 - 🏆 80. / 68 Read more »

Consumer confidence falls in November amid high inflation, layoffsAmerican consumers are entering the holiday season feeling gloomier about the economy amid ongoing high inflation and layoffs in the tech sector, depressing U.S. consumer confidence for the second straight month in November. Trumpty is responsible for all of it. If he hadn’t ignored Covid for over a year and acted irresponsibly in other ways, we would be better off now. Trumpty is the worst thing to happen to America. Oddly enough that is exactly what the stock market needs right now. Anything that will give the fed pause. Yet spending in amounts never seen before. Weird.
Source: CBSNews - 🏆 87. / 68 Read more »