Big Oil Attacked Over Record Gas Prices

NEW YORK (CNNMoney.com) — Big Oil went on the defensive Wednesday, denying accusations by a consumer group that mismanagement and a lack of competition are the reasons behind this spring’s record gasoline prices.

Gas prices hit $3.10 a gallon Wednesday, according to AAA. It’s the fourth record day in a row, and the surge has been attributed to low gasoline supplies caused by a lack of refining capacity.

“They have no interest in building spare capacity because that would undermine their pricing power,” Mark Cooper, research director for the Consumer Federation of America, said before a hearing by a House Judiciary Committee antitrust panel in Washington Wednesday.

CNN