Chevron - record profits and refiners chased by CA AG for profiteering

California Attorney General Bill Lockyer announced plans to subpoena documents tomorrow from all 21 California oil refineries for part of an investigation into whether the companies have been profiteering and gouging prices. As if.

"Its time that the oil companies fork over the information needed for us to determine the extent to which they are unjustly enriching themselves at the expense of drivers," said spokesman Tom Dresslar for Attorney General Bill Lockyer's office .

According to information supplied by Lockyer's office, the 7 largest oil companies in California control more than 95 percent of the state's refining capacity and California refiners' profit margins have far outstripped the national average. Shucks ...

Five of the largest California refineries are in the Bay Area, including Chevron-Texaco in Richmond, Shell in Martinez, Valero in Benicia, ConocoPhillips-Rodeo in San Francisco and Tesoro Golden Eagle in Martinez, according to Dresslar.

Today, San Ramon CA. Chevron Corp.'s announced first-quarter profit soared 49 % to US$4 billion, as U.S. oil companies to report colossal earnings and consumers face highest ever gas prices at the pumps.... and environmentalists go ballistic over Bush's waiving EPA pollution guidelines.

Chevron's net income, is equivalent to US$1.80 per share, this compares to a profit of US$2.7 billion, or US$1.28 per share, in the same Q1 2005. Total Revenue was US$54.6 billion, 31% up on last year's US$41.6 BN.

Just watch the oilcos tell Bill Lockyer to go piss up a rope.... and watch Dubya and Turdblossom pass the hat round for help with the mid term election costs.