FTC subpoenas Big Oil firms in U.S. gasoline probe

[jefferson_dem]

FTC subpoenas Big Oil firms in U.S. gasoline probe

WASHINGTON (Reuters) - The Federal Trade Commission has sent subpoenas to Big Oil companies in its investigation of gasoline price manipulation and oil refining capacity constraints, and hopes to complete the probe next spring, the agency's head told a U.S. Senate hearing on Wednesday.

The agency sent 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.

She spoke following a hearing on energy profits held by the Senate's energy and commerce committees. "It is a major investigation."

Executives from the five companies mentioned testified earlier in the day on their record profits and high energy prices.

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http://cnn.netscape.cnn.com/news/story.jsp?id=2005110917140002613974&dt=20051109171400&w=RTR&coview=

[indepat]

1. What a farce: just who does the FTC think it's kidding?

[napi21]

2. Interesting. Too bad it takes so long to do it!

I think gas prices have come down a little because these same companies know that they can keep thier record profits up from price gouging on natureal gas prices this winter!!!

With all the hype, they're sure trying to prep everyone for it!!!