Energy

Exxon Mobil: How much is too much profit?

April 27, 2006  ·  Consumer Watchdog

<p class="source">Fort Worth Star-Telegram (Texas)</p> <p>"The extreme run-up in pump prices since the beginning of April isn't even reflected here," said Judy Dugan of the nonprofit Foundation for Taxpayer and Consumer Rights. "It will almost certainly push profits for Exxon and other refiners to yet another record. The companies need to be held responsible for their excessive refinery profits and their tight control over refinery output, which allows them to get away with this pricing."</p>

ExxonMobil draws more fire with 8.4 billion dollar profit

April 27, 2006  ·  Consumer Watchdog

<p class="source">Agence France Presse</p> <p>"ExxonMobil's report of a record 8.4 billion dollars in first-quarter profits demonstrates that skyrocketing gasoline prices are due to oil company profiteering, rather than the price of crude oil," according to the Foundation for Taxpayer and Consumer Rights, a consumer advocacy group.</p>

Big Oil donates big bucks to Schwarzenegger’s re-election campaign

April 26, 2006  ·  Consumer Watchdog

<p class="source">THE SAN FRANCISCO CHRONICLE</p> <p>The oil companies aren't the only ones benefiting from the price spike, says Doug Heller of the Arnold watchdog group Foundation for Taxpayer and Consumer Rights. The state has reaped a $100 million-plus sales tax windfall since the start of the year, he said.</p>

Pump prices stuck on ‘up’

April 25, 2006  ·  Consumer Watchdog

<p class="source">The San Diego Union-Tribune (California)</p> <p>"Of the 60-cent increase in gasoline prices this year, 42 cents is entirely attributable to refiner profits," said Doug Heller of the Foundation for Taxpayer & Consumer Rights. "That's not a supply issue or a crude issue. It's a gouging issue." The foundation is calling for a windfall profits tax on the industry, among other measures.</p>

U.S. oil companies under fire as gasoline prices soar

April 25, 2006  ·  Consumer Watchdog

<p class="source">Agence France Presse</p> <p>The Foundation for Taxpayer and Consumer Rights in a recent report on California prices -- among the country's highest -- said the link between crude prices and the price of gasoline at the pump was questionable.</p>

Gas prices fuel outrage

April 23, 2006  ·  Consumer Watchdog

<p class="source">Connecticut Post (Bridgeport, Connecticut)</p> <p>Exxon Mobil Corp. invested only $10 million last year on direct research on alternative energy while reaping a record $36 billion in profits. Meanwhile, it handed its retiring chief executive officer a nearly half-billion-dollar parachute, according to the Foundation for Taxpayer and Consumer Rights.</p>

Gas prices go into overdrive

April 22, 2006  ·  Consumer Watchdog

<p class="source">Santa Barbara News-Press (California)</p> <p>One statewide group, the Foundation for Taxpayer and Consumer Rights, on Friday called for the governor and Legislature to consider public regulation of refineries and to return "windfall profits" to consumers via a rebate.</p>

Soaring Prices at the Pump

April 22, 2006  ·  Consumer Watchdog

<p class="source">CNN-TV SATURDAY NIGHT (10 PM EST)</p> <p>JAMIE COURT, CONSUMER RIGHTS ADVOCATE: Every time you see the price of gasoline go up at the pump, you can hear ka-ching, ka-ching in the bank accounts of the oil companies.</p>

Blowing the top off gas prices

April 21, 2006  ·  Consumer Watchdog

<h3>'This is all about the refineries making a killing'</h3><p class="source">The Kansas City Star</p> <p>A study by the consumer group FTCR concluded that higher refinery profits cost Californians an extra $546 million in April compared with the same period last year.</p>

Soaring gas prices force some changes in Marin

April 21, 2006  ·  Consumer Watchdog

<p class="source">Marin Independent Journal (California)</p> <p>The main cause of the price spike is increased profits for oil companies, said petroleum industry consultant Tim Hamilton, in a study commissioned by the Foundation for Taxpayer and Consumer Rights of Santa Monica.</p>

Liquid gold: Gallon of gas now $3.07;

April 21, 2006  ·  Consumer Watchdog

<h3>County's price surge outpaces rest of U.S.</h3><p class="source">The San Diego Union-Tribune</p> <p>Crude oil plays only a small part in the gasoline price surge, says Jamie Court, presidnet of FTCR. "This is all about the oil companies shorting the market," said Court, who argues that refiners prefer to keep gasoline in short supply to boost prices. "Why would they produce more, when every time they cut back on production, prices go through the roof?"</p>

Gas Prices in Region Hit New Highs;

April 21, 2006  ·  Consumer Watchdog

<h3>The average cost for self-serve regular in Los Angeles tops $3. More pump pain is expected.</h3><p class="source">The Los Angeles Times</p> <p>Consumer advocates contend that the industry is profiteering. In a report issued Tuesday, the Foundation for Taxpayer and Consumer Rights said that gasoline in Washington state, which isn't made with ethanol, has been rising at the same pace as in California. Refiners have denied they are profiteering.</p>