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

md11capt Champion Author Denver Posts:3,558 Points:709,980 Joined:Mar 2011	Message Posted: Nov 19, 2012 11:09:53 AM Ignore md11capt Report Abuse 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 Visit Daily News for full article

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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
Visit Daily News for full article

REPLIES (newest first)Ignore Short Messages

DanMtz Champion Author Oakland Posts:3,350 Points:1,242,350 Joined:Oct 2009	Message Posted: Nov 20, 2012 8:11:06 PM Ignore DanMtz Report Abuse I'm shocked.
ss70 Champion Author Detroit Posts:9,653 Points:1,869,125 Joined:Sep 2005	Message Posted: Nov 20, 2012 10:35:13 AM Ignore ss70 Report Abuse Duh... most of the people guess that already
TruthMatters Champion Author New Jersey Posts:2,520 Points:533,235 Joined:Oct 2011	Message Posted: Nov 20, 2012 9:01:20 AM Ignore TruthMatters Report Abuse 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 Posts:423 Points:90,285 Joined:Oct 2012	Message Posted: Nov 20, 2012 7:19:40 AM Ignore virostek Report Abuse NOt sure how the punishment will help the little guy?
NHLiveFree Champion Author New Hampshire Posts:11,083 Points:1,621,355 Joined:Jun 2008	Message Posted: Nov 20, 2012 12:34:23 AM Ignore NHLiveFree Report Abuse Hang 'em High! A bunch of unethical so and sos.
GDAE Champion Author Wichita Posts:1,145 Points:219,925 Joined:Oct 2012	Message Posted: Nov 19, 2012 11:20:10 PM Ignore GDAE Report Abuse "The oil companies lied? I'm shocked. ;p" Who'd a thunk it?
PDQBlues Champion Author San Diego Posts:7,069 Points:1,447,350 Joined:Jan 2009	Message Posted: Nov 19, 2012 10:17:11 PM Ignore PDQBlues Report Abuse 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 Posts:4,250 Points:694,830 Joined:May 2007	Message Posted: Nov 19, 2012 9:50:37 PM Ignore wamster Report Abuse The oil companies lied? I'm shocked. ;p
exyouen Veteran Author Philadelphia Posts:309 Points:401,715 Joined:Jul 2011	Message Posted: Nov 19, 2012 7:59:51 PM Ignore exyouen Report Abuse that is SUCH a surprise
ktbaeohana Champion Author Las Vegas Posts:2,306 Points:422,000 Joined:Mar 2010	Message Posted: Nov 19, 2012 6:19:40 PM Ignore ktbaeohana Report Abuse watch and see.
BBopp Champion Author Dayton Posts:6,834 Points:1,937,480 Joined:Dec 2006	Message Posted: Nov 19, 2012 5:06:16 PM Ignore BBopp Report Abuse A bunch of liars! They are as bad as any politician or speculator.
bruin19MD Champion Author Maryland Posts:1,064 Points:164,450 Joined:Feb 2011	Message Posted: Nov 19, 2012 2:49:04 PM Ignore bruin19MD Report Abuse Interesting article, many good points.
crep1291 Champion Author Ottawa Posts:2,578 Points:480,900 Joined:Dec 2010	Message Posted: Nov 19, 2012 1:48:26 PM Ignore crep1291 Report Abuse If California isn't happy about the lack of competition, it can always build and run its own refineries.
Nicoalbum Champion Author Ottawa Posts:6,016 Points:1,188,050 Joined:Jan 2010	Message Posted: Nov 19, 2012 1:43:34 PM Ignore Nicoalbum Report Abuse A kind of fraud that must be investigated
Zeke33 Champion Author New Hampshire Posts:5,573 Points:1,615,085 Joined:Sep 2005	Message Posted: Nov 19, 2012 1:41:12 PM Ignore Zeke33 Report Abuse Business as usual.
scu227 Champion Author New Haven Posts:4,147 Points:770,905 Joined:Feb 2011	Message Posted: Nov 19, 2012 1:03:48 PM Ignore scu227 Report Abuse Old news and still no action taken !!!
cdrrod Champion Author Wisconsin Posts:4,149 Points:782,800 Joined:Feb 2006	Message Posted: Nov 19, 2012 12:44:01 PM Ignore cdrrod Report Abuse It's still another consumer rip-off!!!
cgrey8 Champion Author Atlanta Posts:1,013 Points:260,165 Joined:Oct 2008	Message Posted: Nov 19, 2012 12:33:53 PM Ignore cgrey8 Report Abuse 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 Posts:2,177 Points:358,285 Joined:May 2012	Message Posted: Nov 19, 2012 12:09:00 PM Ignore evowner Report Abuse 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 Posts:2,744 Points:665,150 Joined:Apr 2011	Message Posted: Nov 19, 2012 12:04:09 PM Ignore sciotosix Report Abuse No surprise here.
cmmattia Champion Author Long Island Posts:1,975 Points:390,610 Joined:Mar 2012	Message Posted: Nov 19, 2012 11:54:19 AM Ignore cmmattia Report Abuse there are sooooo many factors that affect gas prices ..... dont sneeze :(
investmentdr Champion Author Cleveland Posts:4,024 Points:1,454,075 Joined:Sep 2008	Message Posted: Nov 19, 2012 11:45:58 AM Ignore investmentdr Report Abuse JohnofGB, it's not dishonest it's an Econ 101 principle. don't like it, buy refiner stocks.
Ken2OD Champion Author Grand Rapids Posts:9,067 Points:1,970,965 Joined:Dec 2005	Message Posted: Nov 19, 2012 11:45:52 AM Ignore Ken2OD Report Abuse What's new?
investmentdr Champion Author Cleveland Posts:4,024 Points:1,454,075 Joined:Sep 2008	Message Posted: Nov 19, 2012 11:44:33 AM Ignore investmentdr Report Abuse there are too many competing refiners for the market to allow "manipulation"
JohnofGB Champion Author Flint Posts:5,416 Points:1,095,220 Joined:Feb 2010	Message Posted: Nov 19, 2012 11:44:29 AM Ignore JohnofGB Report Abuse 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 Posts:1,139 Points:838,185 Joined:Apr 2010	Message Posted: Nov 19, 2012 11:44:19 AM Ignore skempton Report Abuse Did you expect something different?
investmentdr Champion Author Cleveland Posts:4,024 Points:1,454,075 Joined:Sep 2008	Message Posted: Nov 19, 2012 11:43:51 AM Ignore investmentdr Report Abuse there is a not so fine line between operating a business prudently and "manipulating"
investmentdr Champion Author Cleveland Posts:4,024 Points:1,454,075 Joined:Sep 2008	Message Posted: Nov 19, 2012 11:42:41 AM Ignore investmentdr Report Abuse refiners regularly vary their formulations to produce the blend that's more profitable.
skinsfan125 Champion Author Virginia Posts:1,553 Points:282,195 Joined:Jul 2010	Message Posted: Nov 19, 2012 11:35:25 AM Ignore skinsfan125 Report Abuse gimme a break
Tekkersmom57 Champion Author Syracuse Posts:1,874 Points:700,215 Joined:May 2010	Message Posted: Nov 19, 2012 11:34:58 AM Ignore Tekkersmom57 Report Abuse 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 Posts:3,255 Points:982,130 Joined:Feb 2009	Message Posted: Nov 19, 2012 11:21:57 AM Ignore 07skydriver Report Abuse Remember deregulation? Who was the idiot in charge that let that happen?
Cruzinwritr Champion Author San Diego Posts:1,785 Points:206,200 Joined:Oct 2012	Message Posted: Nov 19, 2012 11:21:33 AM Ignore Cruzinwritr Report Abuse Realllllllly????? SHOCKER! Anyone REALLLY surprised by this??
munkeyciao Veteran Author Quad Cities Posts:266 Points:160,375 Joined:Aug 2012	Message Posted: Nov 19, 2012 11:19:21 AM Ignore munkeyciao Report Abuse sigh And this is news?
humblepie Champion Author Toledo Posts:34,182 Points:2,370,395 Joined:Mar 2006	Message Posted: Nov 19, 2012 11:18:43 AM Ignore humblepie Report Abuse or they are just going about their business in a normal way instead of clearing everything with the press
YaBassa Champion Author Michigan Posts:2,425 Points:516,125 Joined:Nov 2011	Message Posted: Nov 19, 2012 11:17:48 AM Ignore YaBassa Report Abuse Big Oil manipulating the market...who would ever have thought that would happen.
siralexe Veteran Author Illinois Posts:313 Points:73,635 Joined:Aug 2012	Message Posted: Nov 19, 2012 11:11:21 AM Ignore siralexe Report Abuse when haven't they?