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Credit First Service Union (AXcess News) Santa Monica, CA - The round of record quarterly oil-company profit reports ended today with California-based Chevron, whose astounding 49 percent increase in net income tells only a fraction of the story about how California motorists are financing the company's excesses, said the Foundation for Taxpayer and Consumer rights (FTCR). The report also noted a 260 percent increase in its refining and sales profits, coming in large part from California. This is further proof that retail gasoline prices are rising far faster than the cost of production, despite oil company excuses about the price of crude oil, added FTCR. Read FTCR's study of profiteering at the pump at http://www.consumerwatchdog.org/energy/rp/6132.pdf.

Annual profits at the group rose by 21% to .9 billion. The groups retail and credit card divisions lost 24% offs, however. The group's unsecured personal lending also continued to grow over 2005, up 10% to 3.3 billion. "Once again, we are seeing the impact of the 'consumer credit boom' of the last few years on the balance sheet of the second largest bank in the UK, " said head of personal finance at uSwitch Nick White.

Card Credit Mobile Service "Motorists should remember that amazing figure, 260 percent, every time they stick a Chevron pump handle into the gas tank," said Judy Dugan of FTCR. "They should also remember that Chevron is using these profits to bankroll its anti-consumer and anti- environmental agenda in this environmentally conscious state."

Equifax is the oldest of the three major credit bureaus, which dates back to 1899. Two brothers set up a company called Retail Credit Company in Atlanta, Georgia. The company became Equifax in 1975 and they claim to be the largest provider of consumer information. Equifax serves customers across a wide range of industries including the financial services, retail, healthcare, utilities, brokerage, insurance, and governmental agencies.

Card Credit Discover Service Chevron has, over the past six weeks, contributed $1.5 million to a ballot campaign to erase its liability for contaminating California's groundwater with the gasoline additive MTBE and failing to disclose the problem, said FTCR. Chevron opposes another ballot measure that would use some of oil companies' windfall profits to support alternative energy research and development.

Bono and American Express have teamed up to launch a new credit card entitled RED, aimed at a growing group of shoppers known as 'conscience consumers'.

Credit Public Service Union "Mothers who are struggling to pay more than $60 for a minivan fill-up with average-priced regular gasoline surely didn't intend to also donate to Chevron's self-serving California ballot campaign," said Dugan.

Danielson, who hosts a weekly radio show called "The Consumer Fight Back Show, " said that many of the people in the credit counseling industry are "collection agencies in disguise." He said the most famous organizations, profit National Foundation For Consumer Credit (NFCC) and Consumer Credit Counseling Services (CCCS), are actually a set of " profit franchises" that earn billions of dollars each year, primarily serving creditors' interests.

Card Credit Processing Service Chevron is among California's top refinery operators. The state's refiners have a long history of restricting, shifting and controlling gasoline production to keep prices high. Read earlier releases on the topic at: http://www.consumerwatchdog.org/energy/pr/?postId=6144 and at http://www.consumerwatchdog.org/energy/pr/?postId=5799.

Center Credit Service Union The new round of windfall profits should spur more effective political action to protect consumers, said FTCR. Specifically, the group called for:

Card Credit Service Wireless -- A windfall profits tax that will rebate excessive profits to consumers;

Credit Security Service Union -- Regulation of the nation's supply of refined gasoline to prevent market manipulation;

Credit Report Service -- Modernization of antitrust laws (read FTCR's expert's testimony before the U.S. Senate Judiciary Committee at http://www.consumerwatchdog.org/energy/pr/?postId=5806); and

Blogspot Com Christian -- New funding to speed the development of alternative energy sources, similar to a proposed California ballot measure.

Christian Counseling Credit "Politicians are talking like consumer advocates now that they see consumers' rage over the profiteering built into pump prices," said Dugan. "The proof of their sincerity, however, will be whether they carry through with tough legislation."

Credit Federal Service Union Source: Foundation for Taxpayer and Consumer Rights

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