Energy

Market cited in high gas prices

August 16, 2006  ·  Consumer Watchdog

<p class="source">The San Diego Union-Tribune</p> <p>Jamie Court, president of the Foundation for Taxpayer and Consumer Rights in Santa Monica, likened the state's gasoline market to what took place during the electricity crisis. "Oil companies are ripping off Californians in exactly the same way as electricity profiteers -- by shorting the market," Court said. He called on Schwarzenegger, who ordered the report, to return millions of dollars of campaign contributions from the energy industry.</p>

Report finds no evidence of manipulation in Calif. price spike;

August 16, 2006  ·  Consumer Watchdog

<h3>But the study focused on underlying market forces affecting prices, not whether there was manipulation by oil companies.</h3><p class="source">Associated Press</p> <p>A consumer group and a spokesman for state Treasurer Phil Angelides, Schwarzenegger's Democratic opponent in the November election, criticized the report. Jamie Court, president of the Santa Monica-based Foundation for Taxpayer and Consumer Rights, called it a "whitewash." "Oil companies are ripping off Californians in exactly the same way electricity profiteers did by artificially shorting the market," he said.</p>

Gas price not pumped up;

August 16, 2006  ·  Consumer Watchdog

<h3>State report says that oil companies didn't withhold supplies</h3><p class="source">THE SAN FRANCISCO CHRONICLE</p> <p>Consumer advocates greeted the report with scorn. They compared the price increase to California's energy crisis five years ago, when some power plant operators drove up electricity prices by shutting. "When outages or shutdowns of refineries are behind a big price spike, it shows there is a motive for the industry to keep supplies artificially low so prices can go up," said Jaime Court, president of the Foundation for Taxpayer and Consumer Rights, a group frequently critical of oil companies.</p>

Refiners Not Faulted for Gas Prices;

August 16, 2006  ·  Consumer Watchdog

<h3>Consumer advocates immediately branded study as apology for oil industry</h3><p class="source">The Los Angeles Times</p> <p>Jamie Court, president of the Foundation for Taxpayer and Consumer Rights, said he was outraged by the high number of unplanned refinery outages. He called the commission's report a "whitewash" that ignored evidence that the oil companies "are artificially shorting the market to drive up prices."</p>

Drivers likely hurt by BP oil shutdown

August 10, 2006  ·  Consumer Watchdog

<p class="source">Associated Press</p> <p>Soaring profits have also opened BP up to much criticism over why it hasn't dedicated ample funds toward safety and maintenance yet has plunged about $36 billion into stock buybacks since 2000. This week's news confirms what many have chided the company for lately: an explosion last year at BP's Texas City, Texas, refinery that killed 15; a large oil spill at Prudhoe Bay earlier this year that has become part of a criminal investigation; and allegations of energy-market manipulation by BP traders this summer.</p>

Oilfield Closure to Hit Pumps;

August 8, 2006  ·  Consumer Watchdog

<h3>A shutdown in Alaska will affect refiners in Western states, but it's not clear how badly. Pessimists say gas could reach $4 a gallon.</h3><p class="source">The Los Angeles Times</p> <p>"Every increase in the price of crude oil is translated immediately into more gravy for the oil companies, because they don't just pass through the price of crude oil; they take on indefensible profits for the oil itself and then again at the refinery," Judy Dugan with FTCR said. "Drivers will pay through the nose for this very preventable emergency."</p>

A costly hitch in the pipeline;

August 8, 2006  ·  Consumer Watchdog

<h3>Corrosion will force lengthy shutdown in Alaska; more pain at the pump seen as early as this week</h3><p class="source">The San Diego Union-Tribune</p> <p>The Foundation for Taxpayer and Consumer Rights said BP's maintenance practices underscore the industry's failure to put money back into its businesses, despite record profits. "Drivers will pay through the nose for this very preventable emergency," said Judy Dugan, research director for the Santa Monica group.</p>

Angelides puts money on public election finance;

August 4, 2006  ·  Consumer Watchdog

<h3>Support could rile candidate's major union contributors</h3><p class="source">THE SAN FRANCISCO CHRONICLE</p> <p>Jamie Court, president of the Foundation for Taxpayer and Consumer Rights, also stoked the flames earlier this week when he suggested that "only a genuine campaign finance overhaul like Prop. 89 could force big labor and big business onto the same team, because no cash-rich special interest will be able to buy the Legislature if Prop. 89 passes.''</p>

Angelides endorses campaign-finance reform

August 3, 2006  ·  Consumer Watchdog

<p class="source">The San Jose Mercury News (California)</p> <p>The initiative (Prop 89) is supported by the Foundation for Taxpayer and Consumer Rights, which has criticized both Republicans and Democrats for taking special interest money. "The real question is will Gov. Schwarzenegger join him?" said Jamie Court, president of the Santa Monica-based foundation. "This is exactly what Arnold Schwarzenegger said he wanted to do -- to clean up corruption and end the backroom deals."</p>

Chevron quarterly profit: $4.4 billion;

July 29, 2006  ·  Consumer Watchdog

<h3>Falling below Wall Street's expectations, San Ramon oil company posts record results that spur outcry from consumer advocates</h3><p class="source">THE SAN FRANCISCO CHRONICLE</p> <p>Judy Dugan, research director for the Foundation for Taxpayer and Consumer Rights, saw the refinery margins as evidence of gouging. "There is no reason, aside from greed, for them to be making this kind of money on the backs of California motorists," she said. </p>

TECH PLAYERS PLAY POLITICS:

July 29, 2006  ·  Consumer Watchdog

<h3>DEEP POCKETS AIMED AT EDUCATION, ENERGY</h3><p class="source">The San Jose Mercury News (California)</p> <p>Consumer activist Jamie Court said while at first he suspected a power grab by supporters of the alternative energy measure, he is convinced it "advances the public benefit by developing an alternative to gasoline." His Foundation for Taxpayer and Consumer Rights has signed the proponent's ballot statement. But, he said, valley backers are going to find themselves in an underdog position facing an oil industry with even deeper pockets than their own. Chevron alone has contributed nearly $4 million to the opposition campaign.</p>

Chevron’s Net Income Jumps 18%;

July 29, 2006  ·  Consumer Watchdog

<h3>Persistently high oil and gasoline prices give the company another record quarter. But its shares slip because the results miss forecasts.</h3><p class="source">The Los Angeles Times</p> <p>Chevron's earnings top off a week of strong profit reports from five of the world's six largest publicly traded oil companies -- all reaping the rewards of the persistently high pump prices that are crimping family budgets across the country. That fact was top-of-mind for the Foundation for Taxpayer and Consumer Rights. The Santa Monica-based consumer advocacy group noted that Chevron's results "capped an orgy of oil-company record profits" that should "fuel the ire of U.S. motorists."</p>