Chevron has not complied with a new California law requiring it to disclose data on pricing.
Chevron gas prices are displayed in Visalia, Calif., Tuesday, Nov. 16, 2021. State regulators say Chevron is the only one of the state's big five oil companies to not fully comply with a new state law requiring them to disclose data on pricing.
The law requires oil companies to report their monthly “gross refining margin," meaning the difference between how much refineries paid for crude oil and how much the company sold it for as gasoline. in the state Legislature this year to penalize oil companies for making excessive profits, a proposal that is closely tied to the data that Chevron has not reported.The deadline for oil companies to report pricing data for January was March 2. Of the big five oil companies that provide 97% of the state's gasoline, four of them met that deadline: Marathon, PBF Energy, Phillips 66 and Valero, according to the California Energy Commission, which is collecting the data.
In a letter to the California Energy Commission, Chevron attorney Melissa Sladden asked the commission to delay enforcing the law in favor of a lengthy rule-making process to clarify which data must be reported. Sladden said the data required by the law “paints a false picture of actual refinery profit margins by significantly undercounting refinery costs.
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