(Reuters) – New York Attorney General (AG) Letitia James has launched an investigation to determine whether the oil industry has engaged in gas price gouging, CNN reported on Thursday, citing a person familiar with the matter.
Crude prices have hit 14-year highs this year in response to Russia’s invasion of Ukraine and subsequent sanctions on Moscow.
Oil executives defended themselves in the U.S. Congress last week from charges by lawmakers that they were gouging Americans with high fuel prices, saying they were boosting energy output and no one company sets the price of gasoline. (https://reut.rs/37SerTz)
According to CNN, the probe will focus not only on major companies that supply oil to the state but also refineries that turn crude into gasoline and independent operators of pipelines and terminals. (https://cnn.it/3xsQixl)
The New York AG investigation will examine the state’s entire supply chain, CNN said in its report.
The AG’s press office did not immediately respond to a Reuters request for comment.
(Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)
