Consumer Group Says Refiner Manipulation is Source of High Gas Prices

[UpInArms]

http://releases.usnewswire.com/GetRelease.asp?id=139-03112004

SANTA MONICA, Calif., March 11 /U.S. Newswire/ -- The following statement regarding skyrocketing gasoline prices was released today by Jamie Court and Tim Hamilton. Jamie Court is the president of the Santa Monica-based consumer group, The Foundation for Taxpayer and Consumer Rights (FTCR). Tim Hamilton is a petroleum industry consultant who has issued two gas pricing studies with FTCR, which are available at http://www.consumerwatchdog.org/utilities/rp/.

"If the recent sticker shock at the gasoline pump feels familiar, that's because it is the same old story that led California's electricity market to become the embarrassment of the nation.

"California Atty. Gen. Bill Lockyer is convening today in Los Angeles a panel of industry experts who have blamed the run-up on OPEC crude oil prices, environmentally sensitive fuel and free- market pressures. But the problem is as simple as California's electricity crisis turned out to be: A few giant energy corporations have manipulated supply to keep profits high.

"During the blackouts, electricity barons like Ken Lay blamed the crisis on overuse and market restraints, but state investigations later found the real problem was that unregulated electricity plants were strategically shut down to reduce supply and make prices skyrocket.

"Similarly, California's special gasoline formulation - as required by the federal government under Clean Air rules - has been made to appear rare by the small number of refiners that make the special mix and have gradually closed refining plants.

...more...

[joeunderdog]

1. Hmm...is that why Exxon broke the record for profits las quarter?

I'm starting to catch on...

[whistle]

2. GW Bush knows where he wants to take this country...

...but he is not telling the rest of us.:wtf:

[havocmom]

3. deja ENRON

They all scream for a free market and it is not what they want at all

[Lefty48197]

4. Stories like this have been circulating for awhile now

I read a story over a year ago about how big energy would needlessly ship common fuels through pipelines, just to occupy the distribution channels, and force up the price of the fuels that couldn't be shipped. I'm sure the energy appreciates having one of their own in the WH that allows them to write their own regulations.