California Refinery Profits Surge to $1.24 Per Gallon

The figures, disclosed under SB 1322 legislation, highlight a widening gap between refining costs and pump prices. Jamie Court, president of Consumer Watchdog, characterized the state as an "ATM for oil refiners," noting that combined refining and distribution margins have reached $1.92 per gallon. Chevron currently leads the sector, reporting even higher gross profits of $1.35 per gallon.

While state officials acknowledge that environmental fees and taxes add to the cost of gasoline, these factors only account for 87 cents of the $1.50 premium Californians pay compared to the national average. Critics argue that the California Energy Commission has failed to utilize its authority to implement price gouging penalties authorized by the legislature in 2023. As May data looms, stakeholders warn that without immediate regulatory action on supply inventories and penalty rules, the financial burden on drivers will likely continue to escalate.