Oil companies, not environmentalists behind refinery shortages. The Foundation for Taxpayer and Consumer Rights (FTCR) today exposed internal oil company memos that show how the industry intentionally reduced domestic refining capacity to
drive up profits. Internal memos from
Mobil, Chevron, and Texaco show different ways the oil giants closed down refining capacity and
drove independent refiners out of business. In related news,
petroleum industry analyst Tim Hamilton showed that from January 17th to April 18th 2005 gasoline prices jumped 65 cents per gallon and
refiner profits rose [pdf] by 61 cents per gallon. [from MetaFilter.com]
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