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Author Topic: Refineries manipulating gas prices, producing fuel when they say they're not, according to report Back to Topics
md11capt
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Denver

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Message Posted: Nov 19, 2012 11:09:53 AM

A new report calls into question gasoline price spikes in California this year, arguing costs outpaced the traditional supply-and-demand model and insinuating market manipulation on the part of oil refineries.
The report, released Thursday by Oregon consultant group McCullough Research, tracked nitrous oxide levels -- chemicals released during normal refinery operations -- in the air near refineries. Researchers found that levels were normal during times that refineries reportedly were offline due to power outages, fires or other production interruptions.

Consumer Watchdog, a Santa Monica-based public advocacy group, is calling for a criminal investigation by the state attorney general into whether oil companies purposely misrepresented their production in order to increase gas prices and
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REPLIES (newest first) Post a Reply
DanMtz
Champion Author Oakland

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Message Posted: Nov 20, 2012 8:11:06 PM

I'm shocked.
ss70
Champion Author Detroit

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Message Posted: Nov 20, 2012 10:35:13 AM

Duh... most of the people guess that already
TruthMatters
Champion Author New Jersey

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Message Posted: Nov 20, 2012 9:01:20 AM

We kind of all knew that months ago when the average price for a gallon of gas in the Southland was a buck above the rest of the country!
virostek
Veteran Author Virginia

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Message Posted: Nov 20, 2012 7:19:40 AM

NOt sure how the punishment will help the little guy?
NHLiveFree
Champion Author New Hampshire

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Message Posted: Nov 20, 2012 12:34:23 AM


Hang 'em High! A bunch of unethical so and sos.
GDAE
Champion Author Wichita

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Message Posted: Nov 19, 2012 11:20:10 PM

"The oil companies lied? I'm shocked. ;p"

Who'd a thunk it?
PDQBlues
Champion Author San Diego

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Message Posted: Nov 19, 2012 10:17:11 PM


Oil corporations learned a long time ago that they can make more money from a gas shortage. They've been deceiving the consumer for decades.
wamster
Champion Author Houston

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Message Posted: Nov 19, 2012 9:50:37 PM

The oil companies lied? I'm shocked. ;p
exyouen
Veteran Author Philadelphia

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Message Posted: Nov 19, 2012 7:59:51 PM

that is SUCH a surprise
ktbaeohana
Champion Author Las Vegas

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Message Posted: Nov 19, 2012 6:19:40 PM

watch and see.
BBopp
Champion Author Dayton

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Message Posted: Nov 19, 2012 5:06:16 PM

A bunch of liars! They are as bad as any politician or speculator.
bruin19MD
Champion Author Maryland

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Message Posted: Nov 19, 2012 2:49:04 PM

Interesting article, many good points.
crep1291
Champion Author Ottawa

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Message Posted: Nov 19, 2012 1:48:26 PM

If California isn't happy about the lack of competition, it can always build and run its own refineries.
Nicoalbum
Champion Author Ottawa

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Message Posted: Nov 19, 2012 1:43:34 PM

A kind of fraud that must be investigated
Zeke33
Champion Author New Hampshire

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Message Posted: Nov 19, 2012 1:41:12 PM

Business as usual.
scu227
Champion Author New Haven

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Message Posted: Nov 19, 2012 1:03:48 PM

Old news and still no action taken !!!
cdrrod
Champion Author Wisconsin

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Message Posted: Nov 19, 2012 12:44:01 PM

It's still another consumer rip-off!!!
cgrey8
Champion Author Atlanta

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Message Posted: Nov 19, 2012 12:33:53 PM

I don't get why it is anybody's business whether they were producing fuel or not.

If they produce fuel, then they add to the supply and thus get paid for the fuel they sell.

If they don't produce fuel, they don't get paid. Even if they do produce fuel, but choose not to sell it until the price rises, that's their prerogative. That's what open market selling is.

Regardless of whether they are attempting to manipulate anything or not with their influence, all the info being presented to make this claim is circumstantial at best anyway. But even if it was proven they were producing when they said they weren't, how is that bad for the customers? More supply is more supply. If they supply, but claim they didn't and that increases price, then the flaw in the system isn't them. It's something else.
evowner
Champion Author Salem

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Message Posted: Nov 19, 2012 12:09:00 PM

What kind of corporation operates like they are located in hostile enemy territory? What have they to hid? Is it just to increase profits by lying to their customers?
Pay them 10 cents on the dollar and confiscate the property. Issue new a new public stock offering, put the management responsible in jail. this hiding behind the corporate liability laws has to stop.
sciotosix
Champion Author Dayton

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Message Posted: Nov 19, 2012 12:04:09 PM

No surprise here.
cmmattia
Champion Author Long Island

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Message Posted: Nov 19, 2012 11:54:19 AM

there are sooooo many factors that affect gas prices ..... dont sneeze :(
investmentdr
Champion Author Cleveland

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Message Posted: Nov 19, 2012 11:45:58 AM

JohnofGB, it's not dishonest it's an Econ 101 principle. don't like it, buy refiner stocks.
Ken2OD
Champion Author Grand Rapids

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Message Posted: Nov 19, 2012 11:45:52 AM

What's new?
investmentdr
Champion Author Cleveland

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Message Posted: Nov 19, 2012 11:44:33 AM

there are too many competing refiners for the market to allow "manipulation"
JohnofGB
Champion Author Flint

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Message Posted: Nov 19, 2012 11:44:29 AM

And when they buy the less expensive crude, West Texas Intermediate, they price their output, gasoline, by the much more expensive Brent crude. Its dishonest.
skempton
Champion Author Vermont

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Message Posted: Nov 19, 2012 11:44:19 AM

Did you expect something different?
investmentdr
Champion Author Cleveland

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Message Posted: Nov 19, 2012 11:43:51 AM

there is a not so fine line between operating a business prudently and "manipulating"
investmentdr
Champion Author Cleveland

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Message Posted: Nov 19, 2012 11:42:41 AM

refiners regularly vary their formulations to produce the blend that's more profitable.
skinsfan125
Champion Author Virginia

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Message Posted: Nov 19, 2012 11:35:25 AM

gimme a break
Tekkersmom57
Champion Author Syracuse

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Message Posted: Nov 19, 2012 11:34:58 AM

WOW is what I have to say to this article. $25 million/per day for this 66 cent/gallon of gas increase.

If they find out that these allegations are true, I hope they get them where it hurts....hopefully fines, BIG HEFTY FINES!
07skydriver
Champion Author Ohio

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Message Posted: Nov 19, 2012 11:21:57 AM

Remember deregulation? Who was the idiot in charge that let that happen?
Cruzinwritr
Champion Author San Diego

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Message Posted: Nov 19, 2012 11:21:33 AM

Realllllllly????? SHOCKER! Anyone REALLLY surprised by this??
munkeyciao
Veteran Author Quad Cities

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Message Posted: Nov 19, 2012 11:19:21 AM

*sigh*

And this is news?
humblepie
Champion Author Toledo

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Message Posted: Nov 19, 2012 11:18:43 AM

or they are just going about their business in a normal way
instead of clearing everything with the press
YaBassa
Champion Author Michigan

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Message Posted: Nov 19, 2012 11:17:48 AM

Big Oil manipulating the market...who would ever have thought that would happen.
siralexe
Veteran Author Illinois

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Message Posted: Nov 19, 2012 11:11:21 AM

when haven't they?
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