
05/11/07, 11:33 AM
|
 |
|
|
Join Date: Dec 2002
Location: Kentucky
Posts: 3,026
|
|
|
Saw on the news yesterday that the KY Attorney General is suing Marathon Oil Company for price gouging. Hope this is the beginning of a nationwide trend.
By Charla Young (FRANKFORT, Ky.) -- Kentucky officials have sued Marathon Petroleum Company today, accusing the fuel supplier of violating state price gouging laws in the aftermath of hurricanes Katrina and Rita in 2005. WAVE 3's Charla Young reports.
Attorney General Greg Stumbo claims Marathon overcharged Kentucky residents $86 million and that Speedway and SuperAmerica stores overcharged an additional $3 million.
Stumbo said the worst thing about the massive overcharging for gasoline is that it took place during a grave national emergency.
The 18-month investigation focuses on the two months following Hurricanes Katrina and Rita. Stumbo claims Marathon was already in profit mode when it increased prices even more. His office points to Marathon boasting about make more than $1 billion in profits in a press release in January of 2006.
The press release reportedly referred specifically to the profit margin in the third quarter -- the months following the hurricanes -- for the great success.
Referring to a chart showing the alleged overcharges, Stumbo told reporters "we feel very confident that we can carry the burden of proof and prove to the triers of fact -- the jury -- that these are the damages."
Marathon is Kentucky's largest wholesale supplier of gasoline.
__________________
We are the Mid-West Distributor of Island Pride Carbolic Germicidal Bath Soap.
www.GeneralMerchandisingCompanyOfKy.com
|