Gas prices are displayed at an Arco gas station on October 27, 2014 in Mill Valley, California. ; Credit: Justin Sullivan/Getty Images
Consumer advocates are asking California Attorney General Kamala Harris to look into record-high oil industry profits this year.
Consumer Watchdog, based in Santa Monica, wants Harris' antitrust division to investigate whether California oil refineries are keeping inventory low intentionally. New data compiled by the California Energy Commision shows price spikes at the pump translated to a profitable return of $1.17 per gallon in May 2015 - compared to an average of 46 cents per gallon since 1999. Oil industry representatives say refinery outages have created recent gas shortages and the accompanying price spikes.
Would greater transparency in the oil business change prices and profits?
Guest:
Cody Rosenfield, Consumer Advocate, Consumer Watchdog
Tom Kloza, editor and publisher and chief oil analyst for the Oil Price Information Service