The shrinkage in refining capacity did not lead to fatter profits because refiners increased the existing capacity's utilization rate.
Oil refiners in California saw lower-than-average margins in the past few months in an unusual twist where lower operating capacity did not automatically lead to higher margins. According to new data from the Energy Information Administration, the shrinkage in refining capacity did not lead to fatter profits because refiners increased the existing capacity's utilization rate.
'These new transparency laws will help us track refiners' profits and shine a light on price manipulation so Californians aren't vulnerable to the greedy whims of Big Oil,' Governor Newsom said last year as the legislation was being discussed. Chevron, the only Big Oil major based in California and a top target for anti-oil legislation in the state, warned a couple of months ago that the new legislation would create difficulties for industry players and ultimately hurt consumers.
U.S. Fuel Fuel Inventories Crude California Margins
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