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.
What the paper is calling “gross profit” is really “gross margin”: Refiner Margin (costs and profits) is calculated by subtracting the market price for crude oil from the wholesale price of gasoline. The result is a gross refining margin which includes the cost of operating the refinery as well as the profits for the refining company.
Most people will assume that “gross profit” equals PROFIT. In this article, it does not. The refinery capital and operating costs are NOT profit. Employee wages and benefits are NOT profit. But trust me when I say that news media outlets and talk shows will be referencing this “profit” story in that fashion.
SHAME on the LA Times! For the U-T editors, just recognize the folly of blindly repeating LA TIMES stories. For the REST of the California media, don’t consider LA TIMES articles as an objective source. Or now U-T stories, for that matter.
. . .
For the rest of the story, go to the link