![]() ![]() That data could serve as the threshold for any new penalties on oil profits in the future. But starting in January, a new law required oil companies to disclose more data about their pricing. The proposal is still pending in the state Legislature. He has asked the state Legislature to pass a first-in-the-nation law that would penalize oil companies once their profits surpassed a certain threshold. Gavin Newsom has accused the state's big five oil companies of price gouging. “Since the statutory guidance was unclear, rather than speculate and supply inconsistent and potentially inaccurate data, Chevron exercised its statutory right to object and seek clarification in a timely manner,” Allen said. He said the company was never out of compliance with the law, noting they began reporting the data March 2 - the deadline for oil companies to report January pricing data - and supplied the rest of the information after seeking clarification from the California Energy Commission. State lawmakers and regulators believe the data will give them a clearer picture of what has driven sharp increases in California's gas prices, which are consistently the highest in the nation.Ĭhevron spokesperson Ross Allen said the company filed a “revised response” late Tuesday afternoon with regulators that included the data required by law. The law requires oil companies to report their monthly “gross refining margin,” the difference between how much refineries paid for crude oil and how much the company sold it for as gasoline. (AP) - Chevron said on Tuesday it reported how much money it made in January from selling gasoline in California, disclosing the data after regulators threatened to fine the company for not following a new law aimed at investigating the cause of the state's high gas prices. ![]()
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