Oil Industry Shut Down Refineries to Boost Profits

From The Foundation for Taxpayer and Consumer Rights:

The three internal memos from Mobil, Chevron, and Texaco show different ways the oil giants closed down refining capacity and drove independent refiners out of business. The confidential memos demonstrate a nationwide effort by American Petroleum Institute, the lobbying and research arm of the oil industry, to encourage the major refiners to close their refineries in the mid-1990s in order to raise the price at the pump.






One response to “Oil Industry Shut Down Refineries to Boost Profits”

  1. Rick Avatar

    I have to look into this one… sounds a lot like the Enron scam (in CA) to take power off the grid to create a spike in prices.

    Large-corporate America is about a useless as it is self-serving. There is NO innovation or creativity in large-corporate America; only cronyism and a desire (on the part of senior management) to get their golden parachute and bail.

    Look at the auto industry? Why, again (after the 70’s disaster), can’t our auto industry execs in DETROIT, MI figure out what American’s want faster than the Japanese?

    Answer: they don’t care – they are there for their salary and pensions/perks.

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