New York Attorney General Letitia James is investigating whether the oil industry has engaged in gas price gouging, a representative from her office said on April 14.
The New York state probe will focus on major companies that supply oil to the state, and refineries that turn crude into gasoline and independent operators of pipelines and terminals, the representative said, confirming a report on CNN.
The investigation will examine the state’s entire supply chain, the representative said.
Crude prices have hit 14-year highs in response to Russia’s invasion of Ukraine and subsequent U.S. sanctions on Moscow, including a U.S. ban on Russian energy imports.
U.S. President Joe Biden last month accused U.S. oil companies of enjoying record profits while Americans pay high gasoline prices. He called for increased output and service to benefit consumers instead of investors, and announced a record release of crude oil from strategic reserves.
Oil executives defended themselves in the U.S. Congress last week from charges by lawmakers that they were gouging Americans with high fuel prices, saying they were boosting energy output and no one company sets the price of gasoline.
Editor’s note: This story was last updated at 11:49 a.m. CT on April 14.
Recommended Reading
SUPER DUG: VTX Energy Comes Full Circle in Delaware Basin [WATCH]
2023-05-26 - CEO of VTX Energy Partners Gene Shepherd sat down with Hart Energy's Jordan Blum to discuss his company's full circle moment back to the Delaware Basin.
SUPER DUG: Oil Prices May See "Day of Reckoning," Pruett Says
2023-05-24 - In a conversation with Hart Energy's Nissa Darbonne at the SUPER DUG conference and exhibition, Elevation Resources CEO Steve Pruett says he prefers to see stable oil prices rather than unsustainable prices in the triple digits.
COO Richard Dealy: Pioneer Gears Up to Test Permian’s Woodford, Barnett Zones [WATCH]
2023-03-21 - Pioneer Natural Resources President and COO Richard Dealy discusses what's on tap for its Permian Basin, including electrification of fields, production growth, "decades of inventory" and wind turbines.
ConocoPhillips’ Stratagem: Permian, Bakken, Eagle Ford Dominance
2023-05-23 - ConocoPhillips is not just the largest unconventional producer, but its Midland, Delaware, Eagle Ford and Bakken positions average $32 WTI breakevens, the company’s Lower 48 chief said at Hart Energy’s SUPER DUG conference.
Permian Paradox: Patterson CEO Says Fewer Rigs Demand More Workers
2023-04-19 - Patterson-UTI CEO Andy Hendricks said the Lower 48’s hottest play has tapped out the local workforce, requiring the drilling company to bring employees into the Permian Basin.