Valero's second-quarter profit soars with high gas prices

Source: Los Angeles Times

California's sky-high gasoline prices translated into a big second-quarter profit for refiner Valero Energy Corp.

The San Antonio company said operating income from its two California refineries soared to $295 million for the quarter that ended June 30, or more than 11 times the $24 million earned in the year-earlier quarter.

... The profit report angered consumer advocates, who continued their call for more transparency from the oil refineries about their operations to ensure that motorists aren’t overcharged at the pump. “Californians know they are being gouged at the pump and these windfall profits are an offense to the hard-working people of this state,” said Cody Rosenfield of Consumer Watchdog, a Santa Monica-based consumer advocacy group.

... The average price of a gallon of gasoline in the L.A. region Thursday was $4.12, according to the Automobile Club of Southern California.

Read more: http://www.latimes.com/business/la-fi-valero-profits-soar-20150730-story.html