November 9, 2023 - SACRAMENTO – From July through September, Big Oil hiked gas prices at the pump, eventually peaking at $6.08 per gallon in California. That led to profits of over $33 billion for Big Oil in only three months.
Here’s how much Big Oil raked in as gas prices spiked:
- Valero – $2.6 billion
- Phillips 66 – $2.1 billion
- Marathon – $3.28 billion
- PBF Energy – $786 million
- BP – $3.3 billion
- Exxon – $9.1 billion
- Chevron – $6.5 billion
- Shell – $6.2 billion
“Big Oil hiked prices at the pump and took in huge profits. Instead of passing down savings to consumers, they sent billions to shareholders and Wall Street.
We’re continuing to hold them accountable with the new tools from our gas price gouging law.”
Governor Gavin Newsom
HOLDING BIG OIL ACCOUNTABLE:
- Following last year’s unprecedented gasoline price spikes, Governor Gavin Newsom signed into law a package of reforms to hold Big Oil accountable – implementing new transparency measures and creating a watchdog to look under the hood of this historically secretive industry.
- As a direct result of this law, the state’s new watchdog issued a public update regarding unusual market transactions, refinery maintenance without properly preparing for it, and global crude oil costs – all of which contributed to an increase in gas prices.
- The Governor announced in September that California sued Big Oil for deceiving the public for decades about how fossil fuels are hurting our health and destroying our planet, protecting their own profits while sticking taxpayers with the bill for the damages.
Source: Office of the Governor
