Wednesday, March 28, 2007

Also not surprising, oil companies sued for price manipulation

Exxon Mobil Corp., the world's biggest publicly traded oil company, and four other U.S. gas retailers must face a lawsuit accusing them of conspiring to drive up the price of gasoline, a federal judge ruled.

Irving-based Exxon, Marathon Oil Company, Venezuela-owned Citgo Petroleum Corp. and U.S. affiliates of Royal Dutch Shell PLC and BP PLC are accused in the complaint of intentionally limiting the available gasoline supply, driving up prices and boosting profits, U.S. District Judge Amy St. Eve in Chicago said Wednesday.

Did they or did they not? We'll find out when this case goes to court!


The Local Crank said...

Shocked! Shocked I am to hear of price gouging in the energy market! If only the federal government would lift all its onerous regulations, then the magical dead hand of Adam Smith would correct all these oversights...

Nat-Wu said...

It's like the Poe story The Monkey's Paw. It made for a good story, but I hope nobody's sitting around with a dead monkey's hand asking for wishes. That's about like expecting the free market to fix all problems.