The “Golden Nozzle Award” goes to Chevron for sticking it to California consumers with continued price gouging at the pumps, the Foundation for Taxpayer and Consumer Rights (FTCR) said.
FTCR stressed that soaring gas prices are largely caused by a lack of refined gasoline, not rising prices of crude oil.
“Chevron controls the amount of gasoline they make and the company artificially lowers gasoline supplies to drive up gasoline prices,” said John M. Simpson, an FTCR consumer advocate. “When refinery utilization rates are cut, prices to consumers and Chevron‘s profits go up. That’s why Chevron has not built a new refinery in 30 years.”
FTCR said government regulation of refinery supplies is necessary to control soaring prices and Big Oil’s huge profits. FTCR bestowed the Golden Nozzle Award on Chevron for:
– Chevron‘s outlandish profits driven by excessive gasoline prices.
– The company’s leading role in funding the opposition to the development of alternative fuels through the failed Proposition 87.
– Chevron‘s refusal to clean up toxic waste contamination in the Amazon despite ample profits to cover the cost.
O’Reilly spoke to Town Hall Los Angeles, a nonprofit organization promoting public policy discussions, on “Securing California’s Energy Future.” Simpson attended in order to present Chevron CEO Dave O’Reilly with a golden gasoline pump nozzle.
In the second quarter Chevron‘s overall $5.38 billion profit was its highest ever for a single quarter, up 23.6% from $4.35 billion in the same quarter last year. Refining profits were up 41% in the US, to $781 million from $554 million. Chevron‘s third quarter profits are due to be released next week.
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The Foundation for Taxpayer and Consumer Rights is California’s leading non-profit and non-partisan consumer watchdog group. For more information visit us on the web at: www.ConsumerWatchdog.org and www.OilWatchdog.org.