Scammers Strike Oil

Con artists have found a way to capitalize on high oil and gasoline prices — and natural human greed.

Lisa Lee Freeman, deputy editor of the Consumer Reports Money Adviser, said right now, people are thinking that others must be making money on oil and gas ventures — so how can I get on board?

Then, they get a call from some shady character offering what’s touted as a sure-fire way to profit from today’s oil turmoil. Freeman said victims are being pitched investments in new drilling technology that supposedly recovers oil still left in old lines. But the reserves are often overstated, and the offers are nothing more than scams.

The Consumer Reports Money Adviser said if you’re looking for a piece of the action in the oil market, the smart route is to invest in a mutual fund specializing in energy. Some of those have seen handsome returns in recent years.

HC

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