Oil refiners exploited the crisis': Report shows oil refiners are gouging California drivers (dollar, dictator)

[scarabchuck]

Originally Posted by 2sleepy

Trump lowered the supply of oil, not Biden:

"In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters" https://www.reuters.com/article/us-g...-idUSKBN22C1V4

Originally Posted by scarabchuck

Yeah, two years after he duped them to increase production, pre pandemic.

https://www.cnbc.com/2018/11/15/trum...lysts-say.html

"Oil markets analysts say it appears that the Trump administration tricked Saudi Arabia and other oil producers into slashing oil prices.
President Donald Trump pressured the Saudis to orchestrate a production increase ahead of U.S. sanctions on Iran."

Forgot to mention, the nationwide price of gas was $2.91 in 2018. Kind of proves that POTUS can effect gas prices.

[Mathguy]

Originally Posted by moneill

Oil refineries were recovering their losses from 2020 and were also 'shoring' up their assets for their shareholders.

They have openly and proudly talked about this. It is no secret.

They have recent ramped up production to 2019 levels but the thing is ---- guess what -- demand is exceeding 2019 levels.

And oil companies aren't the only ones.

Every analysis done of corporations who have raised their prices, there is a significant hike in prices over and above the inflation rate and that is reflected in their profit margins.

We live in a capitalist economy and so our 'feelings' on companies using inflation, people's perceptions to raise their prices is legal and for most of us maybe not 'nice' but it is what it is.

2 things:

1) Profit dollars (not percentages) also increase with inflation.

2) As risk free interest rates increase, the investor markets require higher returns on risky investments like stocks. This is covered by the Capital Asset Pricing Model which most of the forum has likely never heard of.

https://www.investopedia.com/terms/c...market%20(beta).

When the average Joe hears about increases and "record dollars of profit" and doesn't have this knowledge it's easy for politicians to rile them up that it's somebody else gouging them.

[vincenze]

The oil refinery in El Segundo has been blown up.

[Three Wolves In Snow]

Originally Posted by CA4Now

“This is just rank price gouging. They can get away with it,” Newsom told reporters during a news conference in Sacramento. “They’re taking advantage of you, every single one of you, every single day. Hundreds of millions of dollars a week they’re putting in their pockets, lining their pockets at your expense, and then polluting this planet and leaving us all the external realities and costs associated with that.”

Newsom said there is no logical explanation for why gas prices in California are $2.50 a gallon higher than the national average. He dismissed speculation that it was because of refineries in the state undergoing maintenance, calling that “nonsense” because the work at oil plants occurs every year without causing such a major price disparity between California and the rest of the nation.

...The special legislative session on the oil tax will begin Dec. 5, when lawmakers are already scheduled to reconvene in Sacramento after the November midterm election.

Newsom said he did not want to call legislators back to the Capitol before that because his administration needs time to explore options for taxing oil profits, especially since he expects a fierce legal battle with mammoth, billion-dollar petroleum companies.

https://www.latimes.com/california/s...tax-gas-prices

Newsom is lying.

March 2020: Price of gas in Ventura County - $3.49 - $3.69. That was pre-lockdowns. They (CA) kept raising the taxes on gas.

March 2020: Price of gas in NC - $1.75 That was pre-lockdowns.

2021 AB (After Biden), price went to $4.79 in NC. $3.04 more because of his first day E.O. Now at $3.19.

It stands to reason that CA is at $6, because everyone else is also still at least 1.5 x higher than they were AB.

CA's original price was already one of the highest, because of CA. It is higher, and remains higher for the same reason it does everywhere else. Not because of 'greedy oil companies', not because of Russia, because of Biden.

[BKafrican1]

I feel bad for those dealing with gas and oil. Thank God I live in a city where I don’t have to own a car to get around. I haven’t owned one in 11 years. I bike everywhere mostly or Take the metro

[PullMyFinger]

I guarantee you state officials are in it up to their necks.

[PullMyFinger]

Originally Posted by BKafrican1

I feel bad for those dealing with gas and oil. Thank God I live in a city where I don’t have to own a car to get around. I haven’t owned one in 11 years. I bike everywhere mostly or Take the metro

Yeah but everything in your life is dependent on oil availability and price. Everything.

[Quick Enough]

Originally Posted by sav858

No surprise here, this happens all the time, the CA surcharge never came down after some refinery explosion in SoCal a couple of years ago. They'll probably keep prices high forever now because they know none of our politicians will do anything. Case in point, Newsom and his empty promise to "investigate" CA's unusually high prices over 18 months ago.

Oil refiners exploited the crisis': Report shows oil refiners are gouging California drivers

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

According to Consumer Watchdog, in the first quarter of 2022, some California refiners earned more than twice as those reported by the same refiners in other regions and as much as five times more than in the first quarter of 2021.

"These profit reports show the Golden State Gouge is real. Oil refiners exploited the crisis in Ukraine to make a mint from California drivers," said Jamie Court, president of Consumer Watchdog.

"are gouging California drivers"

Couldn't happen to a more deserving group!

[tickyul]

Why single-out evil_oil, everybody who is selling stuff is getting-in on the gougey-action.

[illtaketwoplease]

I don't need to read the report to know the title of this thread and report is BS. People need to do their own research and stop putting total faith in so called experts and academics. Everyone has an agenda. Follow the money.