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In 2022, California Governor Gavin Newsom signed SB-1322, the Oil Refiner Price Disclosure Act, into law. The legislation was hailed as a major step toward transparency, requiring refiners in California to report detailed monthly data on their gasoline profit margins. Specifically, refiners must disclose: The cost of crude oil purchased The wholesale price of gasoline sold The gross and net profits earned per gallon of refined gasoline Supporters, including consumer advocacy groups like Consumer Watchdog, argued that SB-1322 would expose “excessive...

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15.05.24 12:00

by oilprice.com

Consumers Sue U.S. Shale Alleging Collusion to Boost Oil Prices

U.S. shale producers have been preaching and practicing capital discipline since the price crash of 2020 and haven’t deviated from their pledge to focus on shareholder returns instead of oil production growth since then. Some of the biggest independent U.S. shale firms may have started to finally please investors with meaningful returns, but they have angered consumers. Some of these consumers of retail gasoline, diesel, and marine fuels allege that the ‘discipline’ in capital allocation has actually been a collusion to boost...