Nonprofits want oil refiners to fully disclose their California profits
Nonprofit groups Consumer Watchdog and NextGen Climate have called for a change in California law to force oil refiners to disclose their profits and protect consumers from excessive prices at the pump.
According to figures released by the American Automobile Association (AAA), the average price of gasoline in Los Angeles County has slipped 35 cents from last month to $3.95 a gallon now. But it is still significantly higher than the national average of $2.63 cents per gallon.
At a press conference on Wednesday, officials from the two nonprofits said Californian drivers collectively paid $1.2 billion more than the rest of the nation for the fuel. They stressed that higher fuel prices remained a big problem for Californians and a big profit for the oil firms.
Jamie Court, president of Consumer Watchdog, said, "In the second week of July, $1.61 of every gallon went to the oil refiners' profits and costs -- $1.61 of our $4 a gallon is going right to the oil refineries, usually its 48 cents. The oil refineries are getting rich on our expense."
He showed a graphic indicating Valero's refining profit jumped 11 times more than its last year's level. Chevron, the largest refinery in California, is reporting pocketing two times higher profits than its average in the Golden State.
The nonprofit groups are hoping to get a measure on the November ballot that would make it mandatory for all oil companies to fully disclose their profits; maintain minimum fuel reserves to prevent a quick price hike; and notify the public of planned refinery maintenances in advance.
- U.S. Senate to discuss $1.9 trillion American Rescue Plan, Nevada stands to win big
- Shortlist of affordable electric motorcycles available for US consumers
- Hyundai Ioniq Electric tops GreenerCars’ 2021 “greenest” list; Ram 1500 TRX ranked “meanest” vehicle
- Pennsylvania casino representatives urge state lawmakers to limit VGTs & ban illegal skill gaming
- Hyundai announces battery leasing accord to trim down EV prices, coordinate reuse
New Zealand News
- Tesla to design & build affordable EV in China: Tom Zhu
- First deliveries of all-electric Porsche in Australia to take place this weekend
- Crown Resorts suffers record six-month loss due to COVID-19 closures
- Australia’s Crown Resorts 'not suitable' for Sydney gaming license: Inquiry Commission
- What Does Phasing Out Cheques Tell Us About Finance in New Zealand?
American gaming and hospitality giant Boyd Gaming...Read More
An American citizen who had boasted in front of an...Read More
Pushing the long-awaited Chicago casino project...Read More
A study was conducted to evaluate the effect a...Read More
Tech biggie Google’s recent filing with the US...Read More