The news of Chevron’s record profits and record oil and gas production in the U.S. comes as data from the Bureau of Land Management reveals that President Biden approved more oil and gas drilling permits in his first two years in office than former President Donald Trump.

“West Coast refining margins were a startling 85 cents per gallon for 2022, doubling last year's margin of 37 cents per gallon,” Consumer Watchdog pointed out in a press statement. “Chevron historically posted average profits per gallon of 46 cents over the last 20 years and only exceeded 50 cents three times in that period—until now. Chevron’s West Coast refining margins were the largest of any of its other regions.”

Under a new law passed in 2022, the Oil Refinery Cost Disclosure Act, SB 1322 (Allen), Chevron and other California refiners will be required to report monthly the cost of the crude oil they buy versus the wholesale price of the gasoline they sell and their profits made per gallon. Now, the legislature is considering new legislation, SBx12 (Skinner), to establish a windfall profits cap on how much oil refiners can make in profit per gallon of gasoline. Consumer Watchdog has suggested penalties kick in after 50 cents per gallon.

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See Also: Big Oil spent over $34.2 million lobbying California officials in the 2021-22 session