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Oil Industry Mergers Raise Gas Prices: GAO

Law360 (May 22, 2007, 12:00 AM EDT) -- Crude oil prices, refinery capacity and growing demand for gasoline all help determine petrol prices, but consolidation in the oil industry is also a significant factor pushing petrol prices higher, the Government Accountability Office has found.

A wave of mergers and acquisitions among major oil companies in the 1990s has tended to create greater market concentration in the refining and sales sector and a rise in wholesale gasoline prices, Thomas McCool, the GAO’s director of applied research and methods, said on Tuesday at a hearing in...
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