ChevronTexaco goes on offensive to stop Hawai'i from imposing price cap

[The Sushi Bandit]

http://the.honoluluadvertiser.com/article/2004/Mar/17/bz/bz03a.html

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 here and, for the first time, provided data to back up that contention.

ChevronTexaco said its Hawai'i business contributed 4 percent to 5 percent to the company's national refining and marketing profits in the past five years, only slightly more than the 3 percent to 4 percent that Hawai'i contributes to national refining volume.

[ret5hd]

1. well then, i'd say that...

there's 1% of profits that they are gouging hawai'ians (sp?)

[pw]

4. Enormously more profitable

If it's 3-4% of volume and 4-5% of profits, that means selling gas in Hawaii is at least 20% more profitable than selling gas elsewhere in the US. Might be as much as 65% more profitable. Oof.

[Leilani]

6. We are price gouged on everything!

5 lb bag of sugar $3.95-$5.00

& sugar cane still grows here!

[jburton]

2. How much is a gallon there?

Just wondering.

[The Sushi Bandit]

3. Here are the latest prices..

$2.39 on Maui
$2.23 on Kauai

[SemperEadem]

7. that's about how much it is in LA right now

[Judi Lynn]

5. I hope they lose, for once.

From the article posted above:

"It comes down to: Who are you going to believe — the attorney general's office, which conducted a four-year investigation, or the oil companies who have a vested interest in derailing this legislation?" said Sen. Ron Menor, D-17th (Mililani, Waipi'o), an architect of the gasoline price-cap law.
(snip)