Question by Fedup Veteran: Were the oil companies ever investigated for intentionally making the gas prices hike by their actions?
“Take this internal Texaco strategy memo: “[T]he most critical factor facing the refining industry on the West Coast is the surplus of refining capacity, and the surplus gasoline production capacity. (The same situation exists for the entire U.S. refining industry.) Supply significantly exceeds demand year-round. This results in very poor refinery margins and very poor refinery financial results. Significant events need to occur to assist in reducing supplies and/or increasing the demand for gasoline.” The memo went on to discuss a successful campaign in Washington State to shrink refined supply by removing other additives in the gasoline that filled gas volume.
Another Mobil memo shows the company promoted tough regulations in California to shut down an independent refiner. A Chevron memo acknowledged the industry wide need to shutter refineries and discussed how refiners were responding in kind.”
http://www.huffingtonpost.com/jamie-court/memos-show-oil-companies-_b_6980.html
Shilo, price fixing is illegal to do…THAT is why it is wrong. When they make RECORD profits and the middle and lower class are barely making ends meet is when it is wrong.
Exxon made over $ 1,000 a SECOND last year..that was BEYOND their costs.
Best answer:
Answer by Me 2
yes, yesterday
all the CEO’s admitted these:
-they all work for European Corporations
-Demand is down
-Supply is up
-The US produce more Oils then Iran
-Each CEO is making about $ 30,000,000/yr + $ 60,000,000 in Stock + Profit sharings
-They are only producing at a 80% capacity but pretend to ask the Saudi to produce more Oils…. What the fook?
-They all want to drilll on more US public land… all = European Corporations
-It cost about $ 10/barrel to produce oils for the Saudi
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