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Exxon Mobil World Record Profits Based on Supply Manipulation & Katrina Profiteering, Prove Need For Supply-Side Regulation | Oil Watchdog

Press Release

Exxon Mobil World Record Profits Based on Supply Manipulation & Katrina Profiteering, Prove Need For Supply-Side Regulation

CONTACT:

Mon, Jan 30, 2006 at 3:12 pm

    Exxon Mobil World Record Profits Based on Supply Manipulation & Katrina Profiteering, Prove Need For Supply-Side Regulation

    NEWS RELEASE:
    January 30, 2006

    CONTACT: Jamie Court (310) 392-0522 ext 327

    Santa Monica, CA — ExxonMobil’s announcement today of the largest quarterly profits in any corporation’s history proves that the company made a killing off Hurricane Katrina due to its artificial manipulation of gasoline supplies prior to the hurricane, according to the Foundation for Taxpayer and Consumer Rights.

    "If Exxon Mobil had not artificially kept gasoline inventories running nearly on empty prior to Hurricane Katrina in order to drive up the price of gasoline, it would not be reporting profits greater than any American corporation in the history of the world," said FTCR president Jamie Court. "Exxon Mobil intentionally made gasoline scarce in order to drive up its profits by not investing in needed refining capacity and by exporting needed petroleum products out of America. No oil company should be allowed to reap world record profits from one of the nation’s worst natural disasters. These hurricane-force profits should drive the US Senate to legislate new supply-side regulation of the industry."

    Read FTCR’s studies and research on the industry’s manipulation of supply.

    Read FTCR’s case for supply-side regulation.

    Read FTCR’s case against increased industry exports of petroleum products.

    Read Jamie Court’s commentary about the impact of heightened exporting.

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