Wholesale gas prices spiked Tuesday throughout California in the aftermath of fire that shut down Chevron’s Richmond refinery, which is one of the top crude production facilities for the West Coast.
Relentlessly gloomy reports about the health of the world economy rocked Wall Street on Thursday, with San Ramon-based Chevron among the Dow’s leading decliners.
According to AAA, the average cost of a gallon of gas in the state hit $4.20 this week.
In the fourth quarter, Chevron Corp.’s profits slipped by 3.2 percent to $5.12 billion, or $2.58 per share.
California Senator Barbara Boxer is looking to reign in big oil companies to help with rising gas prices around the country.
Chevron reported first-quarter earnings rose 36 percent. The company received higher prices for the oil it produced, and also made more money from refining oil.