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Refinery says profits are in line with business [Hawai'i moves on nation's only gasoline price cap]
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| Contributor | Gerald Farinas |
| Last Edited | Gerald Farinas Mar 17, 2004 03:49pm |
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| Category | News |
| News Date | Wednesday, March 17, 2004 06:00:00 AM UTC0:0 |
| Description | Refinery says profits are in line with business [Hawaii moves on nation's only gas price cap]
The Honolulu Advertiser
ChevronTexaco Corp. went on the offensive yesterday to stop Hawai'i from imposing the nation's only gasoline price cap, scheduled to take effect July 1. The second largest U.S. energy company said its profits from Hawai'i operations are in line with the amount of business it does. ChevronTexaco, which operates the larger of the state's two refineries, hopes it can counter its image of charging more in Hawai'i than on the Mainland to drive up profits. How ChevronTexaco's disclosure, which lacked specific profit and sales figures, will affect the gas cap debate is unclear.
For many consumers, the issue of whether profits are excessive is less important than finding the quickest way to bring prices down. "The gas prices are ridiculous," said Bobby Mendoza of Waipahu as he filled his 1996 Jeep Cherokee at the Pi'ikoi Chevron. "If they could bring it down (through price caps), they should bring it down."
ChevronTexaco blamed itself for the image that it is overcharging in Hawai'i. "Unfortunately our lack of response has allowed this mistaken belief to take root and now it has blossomed into flawed legislation," the company said in its testimony. Although ChevronTexaco didn't release exact profit figures for its Hawai'i business, when the percentages provided are applied to the company's 2003 results, they suggest the company made about $21.7 million in the state. |
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