As Los Angeles drivers shelled out more than $4 a gallon at the pump in recent weeks, the state’s oil refineries pocketed record amounts of money — as much as $1.17 a gallon in gross profits.
From Jan. 1 to July 6, oil refineries almost doubled the typical amount they collect on a gallon of gasoline, state data show.
California refineries reaped an average of 49.3 cents on a gallon of gasoline from 1999 to 2014, according to the California Energy Commission. But this year, the average ballooned to 88.8 cents, triggered when refinery troubles in February disabled 7% of the state’s capacity at a time of low inventories.
With oil prices falling, refinery costs stable and gasoline prices soaring in California, refineries are experiencing a boom in profits.
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