Sunday, October 02, 2005

Price gouging at the pump

According to an impressive study by The Foundation for Taxpayer and Consumer Rights , the energy companies are deliberately restricting the supply of oil to boost prices. According to internal reports issued by the oil companies, a decision to deliberately reduce the supply was hatched in the late 1990s. Furthermore, according to a study by petroleum industry analyst Tim Hamilton, from January 17th to April 18th 2005 gasoline prices jumped 65 cents per gallon and refiner profits rose by 61 cents per gallon. The extra four cents went to the state in increased sales tax collection. The Foundation (they go by FTCR) found no evidence that there was an increase in the price of producing crude oil, refining oil into gasoline or diesel, or transporting the refined products to market.

This evidence seems pretty damning to me. I urge anyone who is tired of this gouging to contact their Congressman and Senators and urge an immediate investigation.


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Chris said...

Not to mention that big oil is in charge of the executive branch of government.

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