Search The Archives
By Steven Maviglio
Prop 23 Backer Says Valero, Tesoro "Are Not Oil Companies" at UCLA Forum
"They are not oil companies."
With that stunning statement -- responded to by a hearty round of laughter from the audience at hand -- California Manufacturers and Technology Association (CMTA) Vice President Dorothy Rothrock tried to defend the multi-million dollar backers of Prop 23, Valero and Tesoro, during a debate at UCLA last night on the ballot measure.
That apparently is news to all of California, as well as the companies themselves.
According to Valero's website the company describes itself as "based in San Antonio...North America's largest independent petroleum refiner and marketer."
According to Tesoro's website, the company is "an independent refiner and marketer of petroleum products."
But Rothrock's misstatements didn't end there.
Rothrock also said that Valero "hasn't made a profit" in California since 2007. Yet the company's own statements to its shareholders say otherwise.
The West Coast is Valero's most lucrative refining market as measured by margin per barrel: The company's latest quarterly SEC filings show that California and the West Coast in general (California is the largest volume with the largest portion of the refining system so it presents the greatest gross dollar but the refining margins in California are commonly shared in WA, OR, NV, AK, and HI on a dollar per barrel or cents per gallon basis) are Valero's most lucrative refining market as measured by margin per barrel, with a margin per barrel of $10.55. That is nearly double what the company makes in the Northeast U.S. market (See p.48 http://www.valero.com/InvestorRelations/FinancialReports_Filings_Statements/Documents/VEC%202Q%202010%20Form%2010-Q%20FINAL.pdf)
On the defense all night, Rothrock also said that Valero and Tesoro hadn't attracted support of California's business community because the No on 23 campaign was "negative" and "mean-spirited."
Perhaps if CMTA -- and its faux "AB 32 Implementation Group," bogus studies it pays for by Tanton & Associates, and misleading polling -- were a little honest with voters, than the campaign could focus on facts instead of lies.
Browse in : [ Reports ]
There are no comments attached to this item.
The Majority Vote
The Echo Chamber