November 26, 2022
Energy commission seeks answers to gas price spike
SACRAMENTO – (INT) – The California Energy Commission is calling on oil companies and refiners to explain their roles in the August-October gasoline price spike.

The commission wants answers about price hikes amidst record profits, refinery maintenance even as crude oil prices went down.

The public hearing will be November 29th.

From July to September –
• Phillips 66 profits jumped to $5.4 billion, a 1243% increase over last year’s $402 million;
• BP posted $8.2 billion in profits, its second-highest on record, with $2.5 billion going towards share buybacks that benefit Wall Street investors;
• Marathon Petroleum profits rose to $4.48 billion, a 545% increase over last year’s $694 million;
• Valero’s $2.82 billion in profits that were 500% higher than the year before;
• PBF Energy’s $1.06 billion that was 1700% higher than the year before;
• Shell reported a $9.45 billion haul that sent $4 billion to shareholders for stock buybacks;
• Exxon reported their highest-ever $19.7 billion in profits;
• Chevron reported $11.2 billion in profits, their second-highest quarterly profit ever.

Story Date: November 4, 2022
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