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.
Who would think that Rush Limbaugh and the entire Right Wing Talking Memo crowd would lie? Lie? Them? No…say it ain’t so. And just because Bush, Cheney, Condi and the rest of the Cabal all get oil royalties…heck, Condi even has an oil tanker named for her, certainly that doesn’t mean that a blind Executive Office eye would be turned to raw profiteering, would it? No, of course not.