SB 1322, or the California Oil Refinery Cost Disclosure Act, requires refinery operators in California to submit monthly reports containing gasoline production, sales, and cost data.

California Oil Refinery Cost Disclosure Act Monthly Report

Pursuant to Public Resources Code section 25355, all refiners of gasoline products in the state are required to provide monthly data within 30 days of the end of each calendar month regarding various price and volume information, and the CEC is required to publish aggregated, volume weighted reports of this data, within 45 days of the end of each calendar month.

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

  1. A volume weighted gross gasoline refining margin for the state
  2. The gross gasoline refining margin for each refinery with two or more refining facilities in the state
  3. Volume and price of domestic and imported crude oil
  4. 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 both Low Carbon Fuel Standard (LCFS) and Cap and Trade programs

January summary: The data below complies with the CEC’s requirements to post the data as reported by the refiners. CEC continues to investigate the reported numbers. Additional findings, recalculations, further analysis, revised data, or other conclusions will be publicized here as we continue to verify the reported data.

January 2023 Data

Gross Gasoline Refining Margin (California)

Margin Type Reported Margin (Dollars per Gallon)
Volume-Weighted $0.66

Gross Gasoline Refining Margin (By Refiner)

Operating Refinery* Reported Margin (Dollars per Gallon)
Refiner 1 $0.80
Refiner 2 $0.73
Refiner 3 $0.59
Refiner 4 -$0.18

* Note: Operators with more than one refinery within California. The data is posted as reported to the CEC. The CEC continues to analyze the reported data and may post additional findings, recalculations, further analysis, revised data, or other conclusions as the data is verified.

Aggregated Data Reported

Product
Volume
(Thousand Gallons)
Price
(Dollars per Gallon)
LCFS
(Dollars per Gallon)
Cap and Trade
(Dollars per Gallon)
Crude Domestic 654,150 $1.94 N/A N/A
Crude Foreign 988,134 $2.01 N/A N/A
Unbranded Rack 324,114 $2.61 $0.10 $0.24
Branded Rack 95,802 $2.85 $0.09 $0.25
Bulk 209,580 $2.54 $0.07 $0.11
Spot Pipeline 164,388 $2.49 $0.05 $0.11
Dealer Tankwagon 275,100 $2.97 $0.09 $0.25

Public Resources Code 25355.
(Data submission requirements)

  1. For purposes of this section, “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. 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 a report for the refinery containing all of the following information:
    1. The volume 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 quantity 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.
    4. 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.
    5. The gross 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 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 in aggregate for each refiner with more than one refinery operating within California.
    3. The aggregated data submitted pursuant to paragraphs (1) through (4), inclusive, of subdivision (b) for that month.