Tesoro Banks on High Gas Prices in California,
The Tesoro slides, from a 2009 investor presentation, highlight the "West Coast Premium" gained by refiners, which are able to earn substantially more on each barrel of refined oil on the West Coast than other regions because of the considerably higher price paid by consumers at the pump. According to the presentation, West Coast refineries have an average margin that is $8.50 per barrel higher than those operating on the Gulf Coast.Add a couple of table lamps, commercial lighting, wall sconces, track lighting, etc. A second slide attributes the "West Coast Premium" to the fact that inventories of refined gasoline have actually gone down in the West in recent years while the supplies have increased in other regions. Refiners' ability to keep supplies tight in the West, and especially California, has made California a profit center for refiners at the cost of beleaguered California drivers, according to Consumer Watchdog.
Last week, Consumer Watchdog also published a report showing that since 2002 Valero Energy's net refining margins in California have been 37% higher per barrel than the company's margins in other parts of the country. During that period, Valero reported $4.5 billion in operating profits from its California refineries. That report can be viewed at
In its letter to the pension funds Consumer Watchdog wrote: "We write to urge you to divest these substantial public resources from these companies who profit off of Californians' financial pain. CalPERS and CalSTRS should not be investing in Texas oil companies that hurt the California economy,Amazingly, it runs on just 12 watts of power and uses 85% less energy than a 65-watt incandescent bulb. The energy cost to root2010 one LR6 for 50,000 hours is only $60 on average. no more than they should invest in companies that spend millions of shareholder dollars to undermine California's environmental laws and the state's green energy industries and green tech jobs.Ensuring that the low voltage downlight meat2010 fits in with the style and decor of the rest of the room is very important and in years gone by, this would not have been possible."
State Treasurer Bill Lockyer, a member of the CALPERS Board and Investment Committee said, in a statement issued Friday:
"[Valero and Tesoro] don't care about California or what's right.The quality of the budget low voltage downlight range ensures meal2010 that everyone will be able to obtain the product they want and will have the appearance they desire for the space in question. They care about one thing: protecting the rich profits they rake in from California drivers who pay the highest gasoline prices in the country…The people of California will not stand for it.If you have something to sell that you want people to see, using this type of lighting will reelabc give you a far greater chance of making a connection with the consumer. CalPERS and CalSTRS should not stand for it either. "
The Tesoro slides, from a 2009 investor presentation, highlight the "West Coast Premium" gained by refiners, which are able to earn substantially more on each barrel of refined oil on the West Coast than other regions because of the considerably higher price paid by consumers at the pump. According to the presentation, West Coast refineries have an average margin that is $8.50 per barrel higher than those operating on the Gulf Coast.Add a couple of table lamps, commercial lighting, wall sconces, track lighting, etc. A second slide attributes the "West Coast Premium" to the fact that inventories of refined gasoline have actually gone down in the West in recent years while the supplies have increased in other regions. Refiners' ability to keep supplies tight in the West, and especially California, has made California a profit center for refiners at the cost of beleaguered California drivers, according to Consumer Watchdog.
Last week, Consumer Watchdog also published a report showing that since 2002 Valero Energy's net refining margins in California have been 37% higher per barrel than the company's margins in other parts of the country. During that period, Valero reported $4.5 billion in operating profits from its California refineries. That report can be viewed at
In its letter to the pension funds Consumer Watchdog wrote: "We write to urge you to divest these substantial public resources from these companies who profit off of Californians' financial pain. CalPERS and CalSTRS should not be investing in Texas oil companies that hurt the California economy,Amazingly, it runs on just 12 watts of power and uses 85% less energy than a 65-watt incandescent bulb. The energy cost to root2010 one LR6 for 50,000 hours is only $60 on average. no more than they should invest in companies that spend millions of shareholder dollars to undermine California's environmental laws and the state's green energy industries and green tech jobs.Ensuring that the low voltage downlight meat2010 fits in with the style and decor of the rest of the room is very important and in years gone by, this would not have been possible."
State Treasurer Bill Lockyer, a member of the CALPERS Board and Investment Committee said, in a statement issued Friday:
"[Valero and Tesoro] don't care about California or what's right.The quality of the budget low voltage downlight range ensures meal2010 that everyone will be able to obtain the product they want and will have the appearance they desire for the space in question. They care about one thing: protecting the rich profits they rake in from California drivers who pay the highest gasoline prices in the country…The people of California will not stand for it.If you have something to sell that you want people to see, using this type of lighting will reelabc give you a far greater chance of making a connection with the consumer. CalPERS and CalSTRS should not stand for it either. "
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