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CA Oil Refiners' Margins Top $1 Per Gallon In March, $1.11 For Chevron, Trending Upward; Validating Need for Three Year Old CEC Rules on Resupply and Minimum Inventories, says Consumer Watchdog
New data released by the California Energy Commission (CEC) shows California refining margins skyrocketing to $1 per gallon in March from 49 cents per gallon in January, with one refiner, likely Chevron, reporting $1.11 per gallon.
About this update from Chevron Corporation
[{"type":"text","content":"LOS ANGELES, May 7, 2026 /PRNewswire/ -- New data released by the California Energy Commission (CEC) shows California refining margins skyrocketing to $1 per gallon in March from 49 cents per gallon in January, with one refiner, likely Chevron, reporting $1.11 per gallon.","length":277,"tagName":"p"},{"type":"image","alt":"CA Oil Refiners’ Margins Top $1 Per Gallon In March, $1.11 For Chevron, Trending Upward; Validating Need for Three Year Old CEC Rules on Resupply and Minimum Inventories","displaySize":"","headline":null,"caption":"CA Oil Refiners’ Margins Top $1 Per Gallon In March, $1.11 For Chevron, Trending Upward; Validating Need for Three Year Old CEC Rules on Resupply and Minimum Inventories","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":215,"url":"https://media.zenfs.com/en/prnewswire.com/48399939253f82ba5eae5be7b34fde65"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/uW8WRmcDBglHdLMxxKoeBw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM3OQ--/https://media.zenfs.com/en/prnewswire.com/48399939253f82ba5eae5be7b34fde65","width":400,"height":215}},"href":"https://mma.prnewswire.com/media/2975224/Consumer_Watchdog___CA_Oil_Refiners_Margins_Top_1_dollar_Per_Gallon_In_March.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The data was released nine days early in response to Consumer Watchdog's opposition to the confirmation of CEC Vice Chair Siva Gunda, which mentioned the need to see the margin data.","length":196,"tagName":"p"},{"type":"text","content":""The data shows that refiners are making a killing off drivers and that their profit margins are trending upward," said Jamie Court, president of Consumer Watchdog, pointing to the estimated price and margin breakdowns. "At an average of $5.26 per gallon in March, refiners' gross profit margins were $1 per gallon. At $6 per gallon, refining margins will be even greater in future reports because the average price of crude oil has been near $100 per barrel in March and May. That means nearly every added penny at the pump will show up as refiner margin or industry retailer margin in future reports. This isn't just Iran, this is refiner gouging at the state level due to the lack of rules requiring resupply of downed refineries and requiring minimum inventory. The state ...