Study: Oil Company Profits, Not Crude Prices, Are Pumping Gas Prices

Posted on Apr 21, 2006

Corporate profiteering--not increased crude oil prices, not ethanol switch-overs--is responsible for recent gas price increases in California, according to an independent watchdog group.

Sounds like Enron all over again.

Consumerwatchdog.org:

New Gasoline Study Shows Profits, Not Crude Oil Prices Or Ethanol, Are Driving Pump Price Spike

Santa Monica, CA—The Foundation for Taxpayer and Consumer Rights released a new study today of rising gasoline prices in California that found corporate markups and profiteering are responsible for spring price spikes, not rising crude costs or the national switchover to higher-cost ethanol, as the oil industry claims.

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