Watchdog Exposes Phony Oil Refiner Arguments In Price Gouging Penalty Proceeding, Makes Case For Maximum Gross Refining Margin Of 70 Cents Per Gallon
SACRAMENTO, Calif., May 6, 2024 /PRNewswire/ -- In comments filed with the California Energy Commission (CEC) Friday, Consumer Watchdog made the case for a maximum gross refining margin that penalizes refiners for profits of over 70 cents per gallon.
- SACRAMENTO, Calif., May 6, 2024 /PRNewswire/ -- In comments filed with the California Energy Commission (CEC) Friday, Consumer Watchdog made the case for a maximum gross refining margin that penalizes refiners for profits of over 70 cents per gallon.
- The nonprofit group pointed to state data showing 2022 and 2023 as unprecedented years for refining margins and that refining margins for the rest of the last decade averaged 64 cents per gallon.
- Consumer Watchdog called out California's big five oil refiners, which make 98% of California's gasoline, for creating artificial supply shortages that allowed them to make excessive profits.
- "It would be disingenuous policymaking to fail to implement a maximum price gouging penalty because the Commission fears refiners will collude to keep prices higher than warranted.