FTC investigates Gasoline Prices
The U.S. Federal Trade Commission is investigating whether gasoline prices were illegally increased after Hurricane Katrina and if oil companies have constrained refinery capacity to keep fuel prices high, an agency official told Congress on Wednesday.
“We are continuing our intense scrutiny of conduct in the petroleum industry in the aftermath of Katrina,” John Seesel, FTC associate general counsel for energy, told the Senate Commerce Committee at a hearing on gasoline prices.
For more see this Washington Post article
Next time your at the pump think about this:
Exxon Mobil for example is among the richest companies in the world, certainly the biggest oil company. US oil giant Exxon Mobil made a record $25.3bn (£13.4bn; 19.4bn euros) profit in 2004 as it benefited from the surge in crude oil prices.