80 Environmental Advocacy Teams Assist Worth Gouging Penalty On California Refiners

LOS ANGELES, Jan. 20, 2023 /PRNewswire/ — 80 environmental and public well being advocacy teams have despatched a letter of assist to Senator Nancy Skinner (D-Berkeley), creator of laws setting a worth gouging penalty on refiners to be taken up in a particular legislative session known as for by Governor Gavin Newsom.

SBX 1 2 will set a penalty on California refiners when gasoline costs and the income refiners make per gallon off customers turn out to be abnormally excessive. California’s massive 5 oil refiners posted general income of $67.6 billion within the first 9 months of 2022 – almost quadruple the $17.6 billion recorded for a similar interval in 2021. The 5 refiners — Chevron, Marathon, PBF, Phillips 66 and Valero — make 97% of the gasoline in California.

“We write to precise our assist for SBX1 2, laws to create a worth gouging penalty that’s wanted to carry the oil trade accountable and defend Californians from the trade’s greed and profiteering,” the letter stated. Click here to read the letter.

“Whereas Californians paid as a lot as $2.60 extra for his or her gasoline than common US gasoline costs, California oil refiners continued to publish record-breaking windfall income—actually profiting off Californians’ ache on the pump.

“Oil refiners’ studies to their traders confirmed that the businesses greater than doubled their margin from refining gasoline in California from a median of 32 cents per gallon during the last twenty years to 69 cents per gallon within the first 9 months of 2022. Furthermore, their California refining income have been 30% higher than their refining income reported wherever else within the nation or world.

“Setting a windfall income cap on refining gasoline will save customers billions of {dollars}.”

The group urged lawmakers to set a hard and fast most gross gasoline refining margin—the distinction between what refiners pay for crude oil and the wholesale worth of the refined gasoline–low sufficient to guard in opposition to future worth gouging and penalties excessive sufficient to cease refiners from ignoring or circumventing the legislation.

The next organizations signed the letter:

Let’s Inexperienced CA!, 350 Butte County, Marin Interfaith Local weather Motion, Santa Cruz Local weather Motion Community, United Native People, Local weather First: Changing Oil & Gasoline (CFROG), 350 Humboldt, San Francisco Bay Physicians for Social Duty, The Local weather Middle, Environmental Working Group, Spottswoode Vineyard, Inc., Transformative Wealth Administration, LLC, Feminists in Motion Los Angeles, Ecology Middle, Santa Barbara Standing Rock Coalition, Battle Creek Alliance & Defiance Canyon Raptor Rescue, Fossil Free CA, Breast Most cancers Motion, Greenpeace USA, Meals and Water Watch, Oil and Gasoline Motion Community, Physicians for Social Duty/Sacramento, Biofuelwatch, SoCal 350 Local weather Motion Residents’ Local weather Foyer, Santa Cruz chapter, 350 Bay Space Motion, Residents’ Local weather Foyer Sacramento, Alameda County Democratic Celebration, Sustainable Mill Valley, Middle for Organic Variety, Pelican Media, CERBAT, 1000 Grandmothers for Future Generations, Ocean Conservation Analysis, 350 Conejo / San Fernando Valley, Local weather Hawks Vote, Oil Change Worldwide, Sacramento Local weather Coalition, Elected Officers to Shield America, Motion for the Local weather Emergency, Pacific Atmosphere, RootsAction.org, Environmental & Public Well being Consulting, SanDiego350, Lengthy Seaside Grey Panthers, Let’s Go Farm, Stand.earth, Manhattan Seaside Huddle, Defend Ballona Wetlands, 350 Ventura County Local weather Hub, Ballona Wetlands Institute, 350 South Bay Los Angeles, Pals of the Earth, Well being Justice Commons, Corvallis Interfaith Local weather Justice Committee, Asian Pacific Environmental Community, 350 Southland Legislative Alliance, Fairness Transit, PDA-CA (Progressive Democrats of America – California), CA Youth Vs Large Oil, Dawn SLO, EldersClimateAction, NorCal and SoCal Chapters, The Local weather Alliance of Santa Cruz County, Communities for a Higher Atmosphere, Glendale Environmental Coalition, Sunflower Alliance, Central California Bronchial asthma Collaborative, Silicon Valley Youth Local weather Motion, Novasutras, FracTracker Alliance, Companies for a Livable Local weather, CatholicNetwork US, Save the Environmental Safety Company, Small Enterprise Alliance, System Change Not Local weather Change, RapidShift Community, Client Watchdog, NextGen California, and California Nurses for Environmental Well being and Justice

Governor Newsom known as for the particular legislative session to enact a price-gouging penalty on extreme income in December and issued proposed legislative language at the moment. “California’s worth gouging penalty is easy – both Large Oil reins within the income and costs, or they’re going to pay a penalty,” Newsom stated. “Large Oil has been mendacity and gouging Californians to line their very own pockets lengthy sufficient. I stay up for the work forward with our companions within the Legislature to get this achieved.”

For his assertion and the proposed invoice language, see: https://www.gov.ca.gov/2022/12/05/governor-newsom-unveils-price-gouging-penalty-on-big-oils-excessive-profits-to-protect-californians-from-being-ripped-off/

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SOURCE Client Watchdog