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Oil Companies

BUSINESS
December 14, 1994 | By Henry J. Holcomb, INQUIRER STAFF WRITER
Complex problems implementing a new oil-spill cleanup law continue to push the nation dangerously close to a mid-winter shortage of motor fuel and heating oil, several oil-industry sources said yesterday. "The prudent thing is to give a deferment of 30 to 60 days" beyond the Dec. 28 deadline to obtain additional spill insurance, said Eric Rumley, marine manager for Phillips Petroleum Co., of Bartlesville, Okla. "There is an obvious prospect of shortage. " Bill O'Keefe, executive vice president of the American Petroleum Institute, in Washington, issued a similar statement.
NEWS
May 26, 2004 | By Carrie Budoff INQUIRER STAFF WRITER
With gas costs at a record high, U.S. Rep. Joseph M. Hoeffel yesterday outlined steps that he said would reduce the country's dependence on foreign oil - and ultimately, prices at the pump. Hoeffel, a Montgomery County Democrat challenging Republican U.S. Sen. Arlen Specter in the November election, capitalized on the wallet-draining issue as polls show that nearly all Americans are affected by the spike in gas prices. Standing at a South Philadelphia Sunoco station where motorists were paying as much as $2.29 a gallon, Hoeffel accused Specter and President Bush of backing an energy policy that favored oil companies over consumers.
NEWS
July 23, 1987 | By Marcia Stepanek, Inquirer Washington Bureau
The Environmental Protection Agency, amid bitter opposition from car and oil companies, yesterday proposed two new anti-smog rules designed to cut gasoline-fume pollution. Agency Administrator Lee M. Thomas proposed requiring automakers to install improved devices to capture gas fumes on all new vehicles. That could cost manufacturers millions of dollars and eventually increase new-car sticker prices by $19 per vehicle, Thomas said. The EPA also proposed forcing oil companies to change the way they blend gasoline so it would evaporate less and emit less fumes.
BUSINESS
January 17, 1990 | By Dan Stets, Inquirer Staff Writer
Angry members of the Senate Governmental Affairs Committee demanded yesterday that the Justice Department conduct a criminal investigation into whether oil companies profited illegally from December's rapid run-up in the price of home-heating oil. A representative of Citizen Action, a nationwide consumer organization, said the industry had made a windfall profit of $852 million in December, with most of that money going to oil refiners. Senators said the committee would start to subpoena the oil companies' pricing, profit and inventory records if the Justice Department failed to seek the information on its own. "Profit is an integral part of our free-market economy, but price-fixing is not," said Sen. William S. Cohen (R., Maine)
NEWS
April 17, 2008 | By DAVE DAVIES, daviesd@phillynews.com 215-854-2595
The gloves are off in Pennsylvania, and Sens. Barack Obama and Hillary Clinton are running TV ads arguing over who's selling out consumers to the oil companies. Both sides are shading the truth, according to an analysis by FactCheck.org, a nonpartisan Web site run by the Annenberg Public Policy Center at Penn. Obama and Clinton have similar records on energy and environmental issues, though they differ in a fundraising practice and on one key congressional vote. Clinton attacked first, disputing Obama's claim in a TV ad that he doesn't "take money from oil companies.
BUSINESS
June 18, 1986 | By Alexis Moore Love, Inquirer Staff Writer
Continental Bank of Philadelphia has lent "in excess of $27 million" to five oil companies now operating under Chapter 11 of the Federal Bankruptcy Act, according to Bankruptcy Court documents. Industry analysts said the loans could affect the price that Midlantic Banks Inc. of New Jersey is willing to pay to take over Continental, a deal shareholders of both companies are scheduled to vote on today. Midlantic has offered $680 million. Continental and the oil companies, owned by Sheldon S. Somerman of Montgomery County, have reached an agreement giving the bank a tight rein over the companies' daily operations, the documents show.
NEWS
April 4, 1989 | By Chris Conway, Inquirer Trenton Bureau
The State of New Jersey won approximately $98 million from 14 major oil companies yesterday in a tax dispute settled by the U.S. Supreme Court. New Jersey officials were so confident they would win that they had included the money in the state's proposed budget for the fiscal year beginning July 1. The court, in an 8-0 decision, ruled that oil companies could not deduct their federal windfall profit taxes in determining their net income under...
NEWS
December 31, 1989 | By Cynthia Mayer, Inquirer Staff Writer
How cold is it? So cold that Delaware County's three refineries are producing up to 20 percent more heating oil than usual - and they still can't keep up with demand. So cold that local distributors say they can't get the oil to the homes fast enough. And prices are rising - the price of home heating oil from one Delaware County company recently rose from 83 cents to $1.23 a gallon in two weeks. So cold that a few people, including New York Gov. Mario Cuomo, have called for an investigation of oil companies' pricing.
NEWS
May 17, 2007
WHEN WILL THE media and our elected officials stop sounding like PR reps for Big Oil? First it was the Gulf War that made prices jump, then Katrina, then the shortage due to refinery failure. And we can't forget the necessary shortage while the oil companies changed from the "winter mix" to the "summer mix. " Did anybody notice that prices changed while the oil was still in the tanks? I passed one station at about 10 a.m., and the price was $2.89. When I passed that same station two hours later, gas was $2.91 a gallon.
BUSINESS
October 5, 1990 | From Inquirer Wire Services
The Justice Department subpoenaed records of major U.S. oil companies yesterday in its investigation of steep gasoline price increases since the beginning of the Middle East crisis in August. The department's announcement that it had sought records from a large number of oil companies, independent refiners and marketers signaled that the civil antitrust investigation was entering a new phase. In August, Justice Department lawyers began informally interviewing petroleum-industry executives to seek explanations for the steep rise in gasoline prices after Iraq invaded Kuwait on Aug. 2. James F. Rill, assistant attorney general for antitrust, said the records being sought would enable investigators "to examine more closely those explanations and also pursue some issues for which we don't yet have answers.
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