OIL COMPANIES CLOSE TO GOUGING - AAA Spokesperson Says "Not Justified"

(02/14/2003)

The recent spike in gasoline prices isn't justified and is getting "uncomfortably close" to gouging, according to an American Automobile Association spokesman yesterday. AAA spokesman Geoff Sundstrom said nothing has occurred in the market to warrant the increase. He suggested oil companies are looking ahead to what could happen to crude oil prices if the United States invades Iraq. The price of a gallon of regular gasoline has risen about 13 cents in less than two weeks to a national average of $1.63 — the highest since June 2001, according to AAA.In some areas the price is $1.70 or more. The oil industry has blamed tensions in the Middle East and a strike in Venezuela that has crippled that nation's petroleum industry. Venezuela is one of the largest exporters of crude oil to the United States.

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