gas prices

Californians Paid Higher Gas Prices as Oil Companies Made Massive Profits 

Gas prices have a crippling hold on California drivers. As averages currently stand at $5.46 for regular and $5.80 for premium, what is the incentive for oil companies to lower their prices while their profits skyrocket? California refiners Phillips 66 and Marathon reported profit increases up to 1,243% higher than last year. BP spent $2.5 billion on share buybacks; a strategy companies use to increase the value of individual shares when they know demand for their product will increase. These profits come despite the fact prices of crude oil are going down.

 7 tips for budgeting during inflation 

 Gas prices are high. Food costs are rising. Everything is going up and it’s all due to inflation. While the war in Ukraine was the catalyst for prices to go soaring, the domino effect only seems to get worse. Experts have concluded that the increases in prices will only continue to go up.

More Californians Hitting the Road: 2014-15 Gasoline Consumption Increase Largest in More Than a Decade

California State Board of Equalization (BOE) Chairman Jerome E. Horton recently announced gasoline consumption in the state rose 2.4 percent during fiscal year (FY) 2014-15, the largest yearly increase since FY 03-04 (increase of 2.6 percent). The rise in fuel consumption signals a strengthening California economy, with cheaper gas prices encouraging more vehicle travel. “The increase in gasoline consumption is consistent with California’s dip in unemployment to 5.7 percent in 2015 and demonstrates that lower gasoline prices are good for the economy and family road trips,” said Chairman Horton. Californians consumed 14.921 billion gallons of gasoline in FY 14-15, a