Going After the Gougers & Climate ChangersWith crude oil prices at historic lows, and California oil refining profits at historic highs, the Golden State is getting gouged at the gas pump in unprecedented fashion.
Our analysis just out finds Californians have paid $5.3 billion extra for their gasoline than Americans due to chronically low inventories by the state’s oil refiners. That’s $220 extra for e
very California driver since February. Action in Sacramento before the legislature closes next Friday will help fight high gas prices, as well as climate change. You can keep up with the fight by subscribing to our new Capitol Watchdog alerts here.
California oil refiners have taken to the airwaves to claim that pending legislation to reduce petroleum use by 50% in 15 years will drive up costs at the pump. But SB 350 will actually reduce gasoline prices by taking away their oligopolistic hold over our fuel supply. In the long term, the introduction of electric vehicles and other increasingly cost-effective alternative fuel technologies will prevent oil refiners’ supply manipulation by cutting their market share in half.
SB 350′s fate is a critical piece of the puzzle long term, but transparency also needs to be applied to the oil refiners in the short term to prevent their supply manipulation.
Consumer Watchdog has committed to working with NextGen Climate founder Tom Steyer on drafting a ballot measure that requires oil refiners to justify their refinery closures, maintain minimum inventories and face penalties for rigging the market. The ballot measure will have to be filed for signature collection in October to make the November 2016 ballot.
You can stay informed about the ballot measure’s progress and Big Oil’s other challenges by subscribing to our new Capitol Watchdog alerts.
If we go to the ballot, this will be the last Labor Day drive that oil refiners will be able to pick Californians’ pockets for an extra dollar per gallon. Have a great weekend, Jamie
