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Energy Trade Group: Don't Call It Gouging; International events and lack of refinery capacity called real cause of hikes.(INDUSTRY SNAPSHOT)(Q & A)
Byline: MONICA SHOWALTER
Every time there's a spike in oil prices, the cries of gouging begin.
Consumer groups figure oil companies are taking advantage of gas buyers by sticking it to them at the pump. When those companies post record profits, the critics get louder.
Populist politicians also love to take on "Big Oil," going so far as to launch congressional inquiries.
But the charges of gouging are unfair, oil industry groups claim. Consumers and politicians often don't see the other factors at work, they say.
Edward Murphy, director for refining and marketing at the trade group American Petroleum Institute, recently spoke to IBD about the issue.
IBD: With oil prices and energy company profits at record highs, is Big Oil gouging its customers?
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