Gas Big Wigs Fixing Post-Rig Prices?

by Kaitlin | August 22, 2007 at 08:26 am
1295 views | 7 Recommendations | 1 comment

Photos

New Chevron Signage

New Chevron Signage

see larger image

uploaded by So Cal Metro

Second try's the charm? California consumers are hoping so. The gas-hungry state (freeways, highways and byways, oh my!) has once again become the site of a class-action suit leveled at two major oil companies and a refinery by gas station owners.

The owners allege that Shell Oil, Chevron and Saudi Refining stage monthly meetings to price fix gas across the State of California and nationwide (these meetings better happen in a hidden mountain fortress, or else I have no faith in villainry). This is the second class-action suit filed against Big Oil by California gas station owners; the first was thrown out by the Supreme Court last year. Should this case be more successful, it may set a precedent for other gas station owners to file their own class-action suits going forward. A successful run at the Supreme Court could also bring to light gas pricing practices all over the world.

Like the previous case, the plaintiffs in this case say chairmen of the three oil companies met privately nearly every month starting in March 1996 for the "purpose of forming and organizing a combination." The lawsuit alleges executives destroyed documents from the meetings, and a now-defunct joint venture violated U.S. antitrust laws and caused artificially high wholesale gas prices in nearly every state from 1999 to 2001.
Advertisement
recommend This comment thread is now closed
Barry ORegan
Barry ORegan
flagged this story as Good Stuff

at 18:12 on August 22nd, 2007

Kaitlin, Great Story. it would be nice to stick em where it hurts, but they have trillions of dollars, most likely a victory will make a miniscule dent in their pocket book whatever the amount.  Importantly it would be a victory none the less and set a precedent for others including Canada.

A decade ago when the Liberals were in power and John Manley was Industry Minister, fearing a loss in the next election that year, the liberal listened to Canadians and sent John Manley to level a price fixing allegation against big oil.  A meeting was set, and as I watch John Manley walk out the doors of the C.D. Howe Building on 222 Queen Street in Ottawa, he had a spring in his step, and the next morning at around 6am he came to his office and certainly did not feel like he accomplished anything.

 When the media  wanted answers a government spokesman not from ITC would only say thatthe allegations against big oil are false, and declined to tell and or show Canadians and media minutes of the meeting or anything else, stating it was secret talks and Company Privacy against divulging  publicly because of Competitors in the Industry.   Now for Manley's part, he is most likely the only honest politican I know personally, along with Broadbent. Both fiscally responsible, hated to spend a dime of public funds needlessly and hard working up at work at the crack of dawn and home at most times by midnight.

This story was created over 3 months ago, the comment thread is now closed.

NowPublic on Facebook

What is NowPublic?

NowPublic lets people work together to cover news events around the world.

Find out more

Crowd Power

Barry ORegan
First Flagged at 6:12 PM, Aug 22, 2007 by Barry ORegan
These members have powered this story:

Most Recommended Stories in Tech & Biz

 

closeSign in to NowPublic

is reporting from