SANTA MONICA, Calif., Jan. 29, 2016 /PRNewswire-USNewswire/ -- Chevron's US refining profits soared to their highest ever in 2015, thanks to California drivers who paid inflated prices for gasoline, Consumer Watchdog said today.
More than half of Chevron's US refining takes place in California. US refining profits made up $3.1 billion of Chevron's annual profit of $4.6 billion in 2015.
"Chevron used California drivers as their private ATM machine while taking advantage of plunging crude oil prices," said Jamie Court, President of Consumer Watchdog.
Consumer Watchdog found that California drivers overpaid $10 billion for gasoline at the pump in 2015 compared to U.S. drivers. Together with industry consolidation that has shrunk the number of refineries in the state over the last two decades, refiners can easily manipulate supplies to raise prices, Court said.
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SOURCE Consumer Watchdog