KUER Local News
(2007-05-26)
Beebe said in his weekly column the governors have signed letters asking for an investigation "to assure that there is no wrongdoing" and provide answers for consumers.
"So much of what we do and what we purchase in our daily lives is directly related to gasoline prices," Beebe said. "The reasons for these massive increases do not appear to be tied to any recent changes in geopolitical events or a weather crisis."
Beebe was concerned about explanations that refinery capacity is to blame for high prices.
"Reliability, capacity and supply issues have been at the forefront of federal energy policy for years," he said. "It is difficult to understand how oil companies can continue making record profits each quarter without making capital investments in refineries that would address reliability issues."
State Attorney General Dustin McDaniel said this week oil companies lack incentive to build new refineries, but the American Petroleum Institute has denied that oil companies are trying to increase profits by holding back refinery construction.
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