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Exxonmobile tells gas station owners to gouge Original Source Link: (May no longer be active)    http://www.forbes.com/business/feeds/afx/2005/09/27/afx2247883.html http://www.forbes.com/business/feeds/afx/2005/09/27/afx2247883.html AFX News Limited ExxonMobil accused of gouging on gasoline prices 09.27.2005, 10:29 PM WASHINGTON (AFX) - Democrats in the US Senate have called for an investigation into allegations that oil giant ExxonMobil has artificially pushed up the price of gasoline in the wake of hurricanes Katrina and Rita. The opposition Democrats cited accusations from some gas station owners that they had been ordered by the company to raise prices at the pump. 'These owners add a unique and compelling voice to the debate, given that their own businesses depend on access to supply from this company,' said a statement from Democratic senators, including former presidential candidate John Kerry. The allegations deserved 'utmost scrutiny' and should be taken up by the Senate committee on commerce, science and transportation, the statement said. The American Automobile Association (AAA) for the MidAtlantic said on Sept 9 that 'disgruntled' gasoline station owners find themselves in a dilemma because of alleged pressure from ExxonMobil. 'By raising their prices, they risk losing their loyal customer base, which has taken them years to build. By raising their voices against ExxonMobil's practises, they risk losing their contracts,' it said, according to Agence France-Presse. Eight Democratic governors have demanded that Congress and President George W Bush launch an investigation into possible price gouging. Some economists have questioned why gasoline prices have increased faster than the world price of crude oil. The American Petroleum Institute, an oil industry group, has rejected the charges and says gasoline prices merely reflect market forces and limited refining capacity in the United States in the wake of two big hurricanes. chr/ddl/jjc/dk

August brings record highs in oil prices BP oil refinery blast in texas bumps prices Bp profits up 34 precent Chevron profits up with prices { July 29 2005 } Concern over iraqi oil during elections Crude futures stay above 67 { August 26 2005 } Crude oil surges with another storm in mexico gulf Crude prices inch toward 50 a barrel Current oil price levels unsustainably high { December 4 2005 } Decline in inventory larger than expected Depot explosion near london raises oil prices Exxonmobile shell post record profits Exxonmobile tells gas station owners to gouge Gas price drops due to less demand due to high prices Gas prices drop sharply after climbing Gasoline futures surge to record high after katrina { August 31 2005 } Gasoline pump prices high despite crude fall Goldman sachs predicts spike to 105d barrel { March 31 2005 } Greenspan says world must live with high prices Hurricane katrina shoots oil to over 70b Investors raising prices by betting on shortages { March 16 2005 } July futures send above 58 year record { June 17 2005 } London attack causes oil price drop London explosions causes oil price plunge Market shouldnt expect anything from opec More bicycles than cars sold due to oil prices No difficulties on supply side Oil approaches 61 as tropic storms threaten sypply Oil climbs to six week high in january 2005 Oil companies enjoy record earnings in UK { October 4 2005 } Oil demand outpacing supply concerns Oil dives below 50 on dollar gains { May 12 2005 } Oil drops below 50 a barrel Oil falls below 50 in april yet pump prices sour { April 28 2005 } Oil falls below 51 on high inventories { April 13 2005 } Oil hits 64 barrel over supply concern Oil hits new high amid norway strike fears { June 21 2005 } Oil hits record highs as saudi king dies Oil market oversupplied says iran Oil nears 61 as gulf storm gathers again { July 13 2005 } Oil prices hover around 55 dollars Oil prices stay firm above 51 dollars Oil reaches record 58 on supply concerns Oil supplies up as price tops 51 dollars Opec chief wants to increase production Opec oil output highest since 1979 { August 4 2005 } Opec oil output strong { April 2005 } Opec predicts 80 dollar barrel oil spike Opec production surpasses demand OPEC warns that oil prices will stay high Other factors not supply driving up oil Prices fed by speculation and unwarranted fear { April 5 2005 } Prices high despite adequate fuel supply Shell profits soar to historic highs Small car interest falls with gas prices { October 2005 } Speculation by hedge funds running up price US has 700m barrel reserves of oil US oil supplies increase as OPEC boosted production { June 28 2002 } US report sees gasoline prices moving higher still { April 8 2005 } Files Listed: 59

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