Friday, April 15, 2022

NY AG Launches Oil Industry Probe Over Gas Price Gouging

New York Attorney General Letitia James (D), is investigating whether the Oil industry has engaged in Gas Price Gouging.

The New York State probe will focus on Major companies that supply Oil to the State, and Refineries that turn Crude into Gasoline, and Independent Operators of Pipelines and Terminals.

The Investigation will examine the State’s entire Supply Chain.

Crude Prices have hit 14-year highs, in response to Russia’s Invasion of Ukraine and subsequent U.S. Sanctions on Moscow, including a U.S. Ban on Russian Energy imports.

President Biden, last month accused U.S. Oil Companies of enjoying Record Profits, while Americans pay High Gasoline prices.

He called for Increased Output and Service to benefit Consumers instead of Investors, and announced a Record Release of Crude Oil from Strategic Reserves.

Oil Executives defended themselves in the U.S. Congress, last week, from Charges by Lawmakers, that they were Gouging Americans with high Fuel prices, saying they were boosting Energy Output, and Nno one company sets the price of Gasoline.

When you go to a Gas Station remenber, you are paying for the Station's Cost of the Oil in their Storage Tanks, not that day's Oil cost. But that then gets confusing. How does the Station determine the day's Price when there could be multiple deliveries in the Storsge Tanks?

NYC Wins When Everyone Can Vote! Michael H. Drucker

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