California oil refiners reported gross profit margins of $1.24 per gallon in April, according to new data from the California Energy Commission released under SB 1322. This marks a sharp increase from 49 cents per gallon in January, with margins expected to rise further in May. Chevron, the state's top refiner, posted even higher gross profits of $1.35 per gallon. A breakdown of retail margins shows that refining and distribution margins together reached $1.92 per gallon. Consumer Watchdog president Jamie Court stated that Californians are paying $1.50 more per gallon than the average US driver, with only 87 cents justified by higher environmental fees and taxes, calling it a refiner profiteering problem and urging the next governor to prioritize implementing a price gouging penalty and supply rules.
Chevron CorpChevron's gross profit margins on refining in California surged to $1.35/gallon in April, indicating strong pricing power and profitability.