Limited in 2015, partially offset by 2016 asset sales gains of $420 million. Lower margins on refined product sales of $1.14 billion also contributed to the decline. Partially offsetting these decreases were lower operating expenses of $240 million. Foreign currency effects had an unfavorable impact on earnings of $72 million between periods.

Total refined product sales of 1.49 million barrels per day in 2017 were up 2 percent from 2016, primarily due to higher diesel and jet fuel sales. Sales of 1.46 million barrels per day in 2016 were down 3 percent from 2015. Excluding the effects of the Caltex Australia Limited divestment, refined product sales were down 1 percent, primarily reflecting lower fuel oil sales.

Refer to the “Selected Operating Data” table, on page 39, for a three-year comparison of sales volumes of gasoline and other refined products and refinery input volumes.

All Other

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.

Net charges in 2017 increased $2.77 billion from 2016, mainly due to higher tax items, primarily reflecting a $2.47 billion expense from U.S. tax reform, higher interest expense and a reclamation related charge for a former mining asset, partially offset by lower employee expense. Foreign currency effects decreased net charges by $139 million between periods. Net charges in 2016 increased $342 million from 2015, mainly due to higher corporate charges, interest expense and corporate tax items, partially offset by lower environmental reserve additions and lower charges related to reductions in corporate staffs.

Consolidated Statement of Income

Comparative amounts for certain income statement categories are shown below:

Sales and other operating revenues increased in 2017 mainly due to higher refined product and crude oil prices, higher crude oil volumes, and higher natural gas volumes. The decrease between 2016 and 2015 was primarily due to lower refined product and crude oil prices, partially offset by higher crude oil volumes.

Income from equity affiliates

Income from equity affiliates increased in 2017 from 2016 mainly due to higher upstream-related earnings from Tengizchevroil in Kazakhstan and Angola LNG.

Income from equity affiliates decreased in 2016 from 2015 primarily due to lower upstream-related earnings from Tengizchevroil in Kazakhstan and Petroboscan in Venezuela, and lower downstream-related earnings from CPChem and GS Caltex in South Korea.

Refer to Note 16, beginning on page 70, for a discussion of Chevron’s investments in affiliated companies.

Other income of $2.6 billion in 2017 included net gains from asset sales of $2.2 billion before-tax. Other income in 2016 and 2015 included net gains from asset sales of $1.1 billion and $3.2 billion before-tax, respectively. Interest income was approximately $107 million in 2017, $145 million in 2016 and $119 million in 2015. Foreign currency effects decreased other income by $131 million in 2017, and $186 million in 2016 and increased other income $82 million in 2015.

Crude oil and product purchases