Energy

Valero Profit Rises On High Gas Prices

July 31, 2015  ·  Mark Reback

<p>California's sky-high gasoline prices translated into a big second-quarter profit for refiner Valero Energy Corp.</p> <p>The San Antonio company said operating income from its two California refineries soared to $295 million for the quarter that ended June 30, or more than 11 times the $24 million earned in the year-earlier quarter.</p> <p>Valero’s operations in California had a bigger year-over-year increase than any of the company’s other U.S. locations.</p>

Gas Being Exported From California Despite ‘Shortage’

July 27, 2015  ·  Mark Reback

<p>On June 25, just one week before many California motorists began paying upwards of $4.30 per gallon for gasoline, the Bahamian-flagged tanker Teesta Spirit left Los Angeles headed for ports on the west coast of Mexico carrying more 300,000 barrels of gasoline refined in California.</p> <p>The Teesta Spirit was just one of nine large tankers that left California ports carrying gasoline to places like Mexico and Chile between June 25 and July 23, at a time when oil companies were raising prices by as much as $1 per gallon in some regions.</p>

Consumer Advocates Call On Calif. Attorney General To Investigate Oil Industry

July 27, 2015  ·  Mark Reback

<div class="prose-body"> <p class="inaugural">Consumer advocates are asking California Attorney General Kamala Harris to look into record-high oil industry profits this year.</p>

California Consumer Advocates Complain About Record Oil Industry Profits

July 23, 2015  ·  Mark Reback

<p><a href="http://www.kpbs.org/news/2015/jul/23/california-consumer-advocates-complain-about-recor/">Click here to listen to the audio of this radio broadcast segment</a>.</p> <p>Consumer advocates said oil refineries are logging record profits as the state's drivers pay gas prices well above $4 a gallon.</p>

Apple Music Draws Calls For Federal Probe

July 22, 2015  ·  Mark Reback

<p dir="ltr">A consumer group is asking federal regulators to look at whether Apple broke antitrust rules while establishing its new music service.</p>

California Oil Refineries’ Gross Profits Nearly Double In 2015

July 22, 2015  ·  Mark Reback

<p>As Los Angeles drivers shelled out more than $4 a gallon at the pump in recent weeks, the state's oil refineries pocketed record amounts of money — as much as $1.17 a gallon in gross profits.</p> <p>From Jan. 1 to July 6, oil refineries almost doubled the typical amount they collect on a gallon of gasoline, state data show.</p>

Gas Companies Accused Of Ripping Off California At The Pump

July 22, 2015  ·  Mark Reback

<p>As drivers in California continue to pay well over $4 per gallon at the pump, the state's oil refineries are raking in record profits, raising a few eyebrows.</p>

Two Associations Square Off On Higher Gas Prices

July 22, 2015  ·  Mark Reback

<div class="withRelated left" id="WNStoryBody"> <p>Frustrated with high gas prices? You're not alone. At a North Hills Mobil Station on the corner of Sepulveda and Nordhoff some drivers told us dealing with the higher prices is hard. One motorist said it cost him $100 bucks round trip to get to Anaheim. Another driver said, "I'm not gonna lie, it's a killer!"</p> <p>A couple of weeks ago, we were told the oil market was volatile, refinery problems and slow imports were to blame for a sudden spike in prices at the pump.</p>

Gasoline Prices Surge in California, Retreat in Rest of the Country

July 13, 2015  ·  Mark Reback

<p>Multiple choice quiz. Why are gasoline prices in California soaring while declining in much of the country? A) California uses a special blend of gasoline for environmental reasons that limits the quantity and costs; B) maintenance shutdowns are felt more acutely in California’s smaller, self-contained refinery network; C) demand is up; D) there is a shortage of crude oil; E) oligarchs are gouging gullible consumers; F) all of the above.</p>

Are Oil Companies Deliberately Gouging California Drivers?

July 10, 2015  ·  Mark Reback

<p style="text-indent:9px; padding-bottom:6px;">A spike in Los Angeles wholesale fuel prices and a negative report on West Coast gasoline inventories could spell trouble for California drivers in coming days.</p> <p style="text-indent:9px; padding-bottom:6px;">Pump price surveys Friday show prices in California are zooming up even as they slowly decline in the rest of the country.</p>

Valley Gas Prices Start to Climb

July 10, 2015  ·  Mark Reback

<p><span class="authorLocation">THOUSAND PALMS, Calif. - </span></p>

Consumer Advocates: Oil Refiners Manipulate California Gas Prices

July 6, 2015  ·  Mark Reback

<p>Filling up at the pump is often painful in California, where drivers tend to pay more for gasoline than in most other states.</p> <p>Many industry watchers attribute the high fuel costs to unique forces — chiefly California's clean-burning gasoline formula — that have isolated the market and kept it tightly balanced between supply and demand.</p> <p>But some consumer advocates and politicians allege that price manipulation by oil refiners is to blame.</p>