Senate Bill (SB) 1322 requires all refiners of gasoline products in the state to provide monthly data about various price and volume information. The California Energy Commission (CEC) must publish aggregated, volume weighted reports of this data, within 45 days of the end of each calendar month. 

Specifically, SB 1322 requires the CEC to publish the following information from the refinery operators’ monthly reports: 

  • A volume weighted gross gasoline refining margin for the state.
  • The gross gasoline refining margin for each refinery with two or more refining facilities in the state.
  • Volume and price of domestic and imported crude oil.
  • The breakdown of five types of sales required to be reported by refiners and associated volumes, prices per gallon, and actual or estimated costs associated with the Low Carbon Fuel Standard (LCFS) and Cap and Trade programs.

SB X1-2, which took effect June 2023, expands the monthly reports to require refinery operators to provide net gasoline refining information. SB X1-2 also requires the CEC to publish a volume weighted net gasoline refining margin for the state and the net gasoline refining margin for each refinery with two or more refining facilities in the state. For more information, please visit Senate Bill X1-2 Implementation.

The data below were self-reported by refiners and have not been independently verified by the CEC or other State agencies. The CEC does not consider these values definitive nor authoritative. The CEC has not assessed, for example, whether refiners properly deducted various costs from their self-reported gross gasoline refining margin when calculating and self-reporting their net gasoline refining margins. The CEC continues to investigate the reported numbers and enhance its reporting requirements through rulemaking activities and stakeholder outreach. Numbers and reports are subject to revision as reporting requirements are updated. Additional findings, recalculations, further analysis, revised data, or other conclusions will be published here as the CEC continues to analyze the reported data. To follow the rulemaking process, please visit Docket No. 23-OIR-03

Refiner Margin Data

Data last updated: March 26, 2024.

Volume sold and estimated aggregate gasoline refining margin, California volume-weighted average gross refining margin, net refining margin, and numbers in the “Aggregated Data Reported” section are calculated using information obtained from all six refinery companies. Gross and net gasoline refining margins reported by refinery company only reflect information from California refiners with two or more facilities which are Chevron, PBF, Phillips 66, and Valero.

CEC staff will continue to collect and report refiner information on a monthly basis in order to analyze long-term trends as part of its assessment of setting a maximum gross refining margin and penalty for exceeding that maximum, as allowed by SB X1-2.

Download data

Estimated Aggregate Gross Margin ($) = Total Gasoline Volume Sold (gallons) x Volume-Weighted Average Gross Gasoline Margin ($/gallon)

Year Month Total Gasoline Volume Sold (gallons) Estimated Aggregate Gross Margin
2023 Jan 904,596,000 $597,033,360
2023 Feb 781,578,000 $805,025,340
2023 Mar 919,842,000 $942,944,477
2023 Apr 916,213,000 $925,375,130
2023 May 944,664,000 $1,029,683,760
2023 Jun 926,821,000 $1,102,916,990
2023 Jul 931,439,000 $1,061,840,460
2023 Aug 950,529,000 $1,226,182,410
2023 Sep 901,181,000 $1,342,759,690
2023 Oct 936,567,000 $739,887,930
2023 Nov 888,100,000 $674,956,000
2023 Dec 903,910,000 $578,502,400
2024 Jan 907,759,000 $508,345,040

* Based on data reported by California refiners. The total gasoline volume sold does not include spot pipeline transaction sales and may be considered a conservative estimate as a result. CEC has not assessed whether refiners have properly deducted various costs from their self-reported margins. Data may differ from previous reports.

Please refer to the disclaimer above in the box.

Gross gasoline refining margin ($/gal) = Wholesale price of gasoline ($/gal) – Crude oil cost ($/gal)
Net gasoline refining margin ($/gal) = Gross gasoline refining margin ($/gal) – Operational costs ($/gal)

Year Month Gross Margin
($/gallon)
Net Margin
($/gallon)
2023 Jan $0.66 N/A
2023 Feb $1.03 N/A
2023 Mar $1.03 N/A
2023 Apr $1.01 N/A
2023 May $1.09 N/A
2023 Jun $1.18 $0.18
2023 Jul $1.14 $0.14
2023 Aug $1.29 $0.24
2023 Sept $1.49 $0.38
2023 Oct $0.79 -$0.10
2023 Nov $0.76 -$0.16
2023 Dec $0.64 -$0.31
2024 Jan $0.56 -$0.38

* California volume-weighted average gasoline refining margins are weighted by the amount of crude oil received by each refinery, using data reported by all six California refining companies. CEC has not assessed whether refiners have properly deducted various costs from their self-reported margins. Data may differ from previous reports.

The data reported by multiple refiners, and which is reflected in the Net Margin column above, demonstrate extreme variability that is likely not accurate nor reliable.  The CEC is currently developing guidance for refiners to report this statutorily mandated data in an accurate and consistent manner.  When accurate information is available, this table will be updated.

Please refer to the disclaimer above in the box.

Year Month Refiner 1
($/gallon)
Refiner 2
($/gallon)
Refiner 3
($/gallon)
Refiner 4
($/gallon)
2023 Jan $0.85 $0.68 $0.56 $0.54
2023 Feb $1.16 $1.05 $0.80 $0.92
2023 Mar $1.38 $1.13 $0.84 $0.89
2023 Apr $1.11 $1.06 $0.76 $0.75
2023 May $1.16 $1.18 $0.83 $0.94
2023 Jun $1.30 $1.20 $0.90 $1.01
2023 Jul $1.24 $1.20 $0.95 $1.00
2023 Aug $1.40 $1.35 $1.19 $1.13
2023 Sept $1.64 $1.50 $1.30 $1.24
2023 Oct $0.86 $0.77 $0.34 $0.54
2023 Nov $0.93 $0.73 $0.41 $0.47
2023 Dec $0.83 $0.60 $0.25 $0.31
2024 Jan $0.71 $0.60 $0.22 $0.38

* As reported by California refiners with two or more refineries. CEC has not assessed whether refiners have properly deducted various costs from their self-reported margins. Data may differ from previous reports. Margins are volume-weighted by the amount of crude oil received by each refinery. Refiner names are removed to protect anonymity.

Please refer to the disclaimer above in the box.

Year Month Refiner 1
($/gallon)
Refiner 2
($/gallon)
Refiner 3
($/gallon)
Refiner 4
($/gallon)
2023 Jun $0.40 $0.27 $0.26 $0.22
2023 Jul $0.40 $0.16 $0.23 $0.14
2023 Aug $0.56 $0.38 $0.38 $0.22
2023 Sept $0.69 $0.42 $0.58 $0.27
2023 Oct $0.40 -$0.10 -$0.33 -$0.18
2023 Nov $0.35 -$0.14 -$0.13 -$0.31
2023 Dec $0.20 -$0.41 -$0.36 -$0.38
2024 Jan $0.23 -$0.28 -$0.44 -$0.26

* As reported by California refiners with two or more refineries. CEC has not assessed whether refiners have properly deducted various costs from their self-reported margins. Data may differ from previous reports. Margins are volume-weighted by the amount of crude oil received by each refinery. Refiner names are removed to protect anonymity.

The data reported by multiple refiners, and which is reflected in the table above, demonstrate extreme variability that is likely not accurate nor reliable.  The CEC is currently developing guidance for refiners to report this statutorily mandated data in an accurate and consistent manner.  When accurate information is available, this table will be updated.

Please refer to the disclaimer above in the box.

Product Volume
(thousand gallons)
Price
($/gallon)
LCFS
($/gallon)
Cap and Trade
($/gallon)
Crude Domestic 684,617 $1.88 N/A N/A
Crude Foreign 1,048,987 $2.02 N/A N/A
Refined Gasoline Purchases 110,157 $2.31 N/A N/A
Unbranded Rack 354,988 $2.48 $0.10 $0.33
Branded Rack 49,249 $2.72 $0.10 $0.33
Bulk 195,198 $2.31 N/A N/A
Spot Pipeline 107,335 $2.34 N/A N/A
Dealer Tankwagon 308,324 $2.91 $0.10 $0.33

* Based on data reported by all six California refiners. Prices are volume-weighted by the product volume reported by each refinery. 

Senate Bill X1-2
Public Resources Code 25355.

  1. For purposes of this section, the following definitions apply:
    1. “Gross gasoline refining margin” means the difference, expressed in dollars per barrel, between the volume-weighted average price of wholesale gasoline sold by a refiner in the state and the average price of crude oil received by the refinery.
    2. “Net gasoline refining margin” means the gross gasoline refining margin minus the refinery’s operational costs.
    3. “Operational costs” means costs, expressed in dollars per barrel, necessarily incurred by the operator of a refinery in the state to produce gasoline meeting California specifications, including, but not limited to, costs of labor, electricity, natural gas, chemicals, maintenance, hydrogen, and other intermediate oil products, federal renewable identification numbers, obligation costs, capital investments, logistics costs, and additive costs.
  2. Within 30 days of the end of each calendar month, the operator of each refinery operating in the state that produces gasoline meeting California specifications shall submit to the commission a report for the refinery containing all the following information:
    1. The volume, in barrels, of crude oil received in that month, separated into domestic and foreign subtotals.
    2. The volume-weighted average crude oil acquisition cost paid for crude oil that is received and intended to be refined during that month, separated into domestic and foreign crude oil acquisition costs.
    3. The volume in barrels of refined gasoline received or imported in that month from entities other than the refiner.
    4. The volume-weighted average cost of any refined gasoline received or imported by a refiner during that month.
    5. The quantity, in barrels, of wholesale gasoline meeting California specifications sold and the corresponding volume-weighted average prices, less all applicable local, state, and federal taxes, separated by unbranded rack sales, branded rack sales, bulk sales, spot pipeline sales, and dealer tankwagon (DTW) sales in that month.
    6. Separate quantification of the volume-weighted fees or estimated valuations of costs embedded in all wholesale gasoline sales associated with the low-carbon fuel standard (LCFS) and associated with the cap and trade cap-at-the-rack (CAR) program, for each volume-weighted average price for: (A) unbranded rack sales, (B) branded rack sales, (C) bulk sales, (D) spot pipeline sales, and (E) DTW sales, in that month.
    7. The gross gasoline refining margin per barrel of gasoline sold in that month.
    8. The operational costs per barrel of gasoline sold in that month, including a complete description and amount of each category of cost identified in paragraph (3) of subdivision (a) and any other category of cost.
    9. The net gasoline refining margin per barrel of gasoline sold in that month.
  3. Within 45 days of the end of each calendar month, the commission shall post on its internet website all of the following:
    1. The gross gasoline refining margin data reported pursuant to this section for that month, and any gross gasoline refining margin independently calculated by the commission, as a volume-weighted gross refining margin in aggregate for all the combined refineries in the state.
    2. The gross gasoline refining margin data reported for that month, and any gross gasoline refining margin independently calculated by the commission, in aggregate for each refiner with more than one refinery operating within California.
    3. The net gasoline refining margin data reported pursuant to this section for that month, and any net gasoline refining margin independently calculated by the commission, as a volume-weighted net refining margin in aggregate for all the combined refineries in the state.
    4. The net gasoline refining margin data reported for that month, and any net gasoline refining margin independently calculated by the commission, in aggregate for each refiner with more than one refinery operating within the state.
    5. The aggregated data submitted pursuant to paragraphs (1) through (4), inclusive, of subdivision (b) for that month.

Amended by Stats. 2023, 1st Ex. Sess., Ch. 1, Sec. 4. (SB 2 1x) Effective June 26, 2023.)

Contact

Media & Public Communications Office | mediaoffice@energy.ca.gov | 916-654-4989