FTC subpoenas Big Oil firms in U.S. gasoline probe, page 1

During the senate interview with the Big Oil CEO's, one senator came out and directly asked if the price of oil was being manipulated. The 5 CEO's sitting at the table paused.. for 15 seconds.. until the CEO of Exxon chimed in and said that was a "complicated" question.

Today, the FTC sent out a out "dozens of subpoenas" to companies, including oil giants Exxon Mobil Corp., Chevron Corp. , ConocoPhillips, and the U.S. units of BP Plc. (BP.L) and Royal Dutch Shell Plc., FTC Chairwoman Deborah Majoras said.

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The FTC is asking the companies only for information at this point, but agency staff said the companies' officials could also be asked to testify in the investigation.

"If there is anticompetitive behavior going on between and among these gasoline companies, we'll find that and we will prosecute," Majoras said.

The commission plans to finish its investigation and report its findings to Congress next spring, she said.

The FTC probe was ordered by Congress last summer as part of a broad energy bill with $14.5 billion in industry incentives. Lawmakers included the provision because of a steady climb in crude oil and gasoline prices throughout 2005.

Less than a month after the bill was signed into law, Hurricane Katrina thundered through the Gulf of Mexico and Louisiana, flooding eight major refineries and halting most offshore oil production. The national average retail price of gasoline surged to a record $3.07 a gallon soon afterward.

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I truly hope that this probe sheds some light on the Oil Industry. If not only to reveal there is no foul play. But I have a strong feeling they're going to find some major price padding, and I truly hope the people responsible are brought to justice.

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[edit on 11/10/2005 by QuietSoul]

[edit on 11/10/2005 by QuietSoul]

[edit on 13-11-2005 by asala]