What should be the sentence for price fixing by reducing oil refining capacity to create artificial shortages?

Does trying to hide record profits further down the supply chain fool anyone?What should be the sentence for price fixing by reducing oil refining capacity to create artificial shortages?
Now, that's immoral.





There are laws against price fixing. Do they cover this?





I think jail time plus a fine of extra profits made plus 100%.





Overtaxing Oil Companies - disincentives. They are making world record profits and they still lobby for and get tax payer subsidies. Talk about corporate welfare!





If big oil doesn't want to drill, so be it. But somebody will.What should be the sentence for price fixing by reducing oil refining capacity to create artificial shortages?
It should carry the maximum, whatever it is, this is affecting everyone on all levels.





You should read this report that came by way of the automotive as well as the business sectors...








This was from today in fact and should help in part to explain what is really happening...








AIADA (American International Automobile Dealers Association)


May 14, 2008





AIADA's FirstUp: The (Real) Reason Behind High Oil Prices





The (Real) Reason Behind High Oil Prices


On May 13, the price of a barrel of oil briefly hit a record of $126.98 on the New York Mercantile Exchange. The reason was ostensibly that Iran was cutting oil production. But there is no gas shortage. In fact, in the U.S., stockpiles of oil climbed by 11.9 million barrels in April; they were up by nearly 33 million barrels since Jan. 1. At the same time, MasterCard's May 7 gasoline report showed that gas demand has fallen by 5.8%. So why are prices still going up? Ed Wallace, writing in BusinessWeek, says prices are rising due to an unregulated commodities markets and greed. Commodities have often been the refuge for investors who have lost money on equities or fixed-income investments. If not restrained, they can drive up the price of goods that we can't get out of buying. In the press we are bombarded daily with justifications for the high price of oil, such as strife in the Nigerian oil patch. However, the Senate took a dim view of those excuses, saying that manipulative hedge fund managers are ';making bold predictions of shocking price advancements to come'; and adding ';more fuel to the bullish fire in a sort of self-fulfilling prophecy.';
They haven't reduced refining capacity, they have just refused to build a refinery since the early 70s.





But yes this is an intentionally placed bottleneck that pinches supply to a trickle that sends prices thru the roof with the help of high crude prices.





Cut all the corporate welfare going to the oil companies until they decide to increase production to meet demand.
American refineries are at capacity. International demand is putting a genuine strain on capacity. So I'd like to see where you came up with this 'artificial shortage'.





Oil companies make 8 cents off every gallon which is a lower profit margin than just about any industry you'd care to name. Congress makes 20 cents and yet you're not upset about that.
I find it hard to believe that oil companies wouldn't be drilling like crazy and trying to expand their production capacity to the hilt right now. At $100+ a barrel, I know I would. Speculation and high global demand is what's causing the price to rise.
The corporations hide nothing. They release P %26amp; L statements quarterly. It is the commodity traders and speculators on Wall Street, Europe and Toyko who are driving up the ppb. SPeculators are continuing to try to hedge aainst a weak US Dollar so don't look for prices to come down anytime soon.
You mean by enacting ';feel good'; regulations that allow 15 levels of bureaucrats to get paid for administering meaningless, yet economically strangling policies under the guise of being eco friendly....?





You mean by over-taxing and de-incentivizing petroleum technology and reasearch to stifle advancement....?





You mean by prohibiting use of our own abundant resources in return for large payouts from foreign interests.....?





I think they should all be voted out of office and replaced by people looking out for the best interests of American citizens...
I'd say a few years in prison and being banned from ever working in that field again. However, there are too many people in our government who would be able to get those people out of prison. No one is fooled by the hiding of record profits, they just don't care to prosecute anyone.
Unfortunately, it fools lots of people (just read some of the responses to your questions). The fine should be criminal action against the controlling officers and fines (don't disguise it as taxes) for the company doing the price fixing.
Oh lets see, now its the oil companies fault for not wanting to drill and build new plants is it???





How quickly we forget the past.
It is a crime on humanity and should be dealt with accordingly!
A minimum of5 years in jail, and a $1 million dollar fine for the first offense