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Consumer Federation accuses Big Oil of rigging oil markets with refining caps

March 28, 2008

The Consumer Federation of America accused the US oil industry of conspiring to create tight markets for oil, with resulting increases in prices. The report said that widespread gasoline availability, falling demand and increasing use of ethanol have not had a price impact because of oil company manipulation of refinery outputs. The Federation said that the “The Federal Trade Commission and others have documented oil industry efforts to consolidate the market and cut excess capacity, which keeps gasoline supplies tight and prices high,” calling the domestic refiners an “oligopoly” that mirrored the oil cartel.

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    Written by Jim Lane · Filed Under Producer News 

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