LA TIMES lies about refinery oil profits in CA — infecting my local U-T newspaper
One hazard of the LA TIMES now owning the SAN DIEGO UNION TRIBUNE is that my paper now mindlessly publishes LA TIMES stories. It’s a ballyhooed “efficiency” of one paper buying the other. But the hazard is that the fabled LA TIMES liberal news bias now regularly appears in my previously right-of-center San Diego paper. The story below is definitely newsworthy — written by the “news” reporters for the LA TIMES. California’s years of restricting our state’s refinery capacity — coupled with regulations that pretty much block gasoline being imported from other states — have resulted in periodic windfall profits for the very oil companies everyone loves to hate. But this article is deceiving — and given the paper’s strong liberal bias — I’m sure it’s intentional. The paper uses “gross profits” as a benchmark. But that term is both undefined, and mis-defined in the article. Here’s the proper accounting definition of “gross profit”: A … Read More