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FTC hits oil firms over gas price reserve reporting
The Federal Trade Commission targets 11 oil companies and the American Gas Association for using oil industry reserve figures to set gas prices. FTC alleges misreporting inflates wellhead costs and consumer bills, seeks central or sworn reporting, and asks for legal action to end the system. Lytle notes varying internal versus AGA figures, with discrepancies from 24 to 1000 percent.
MENTIONED IN THIS ARTICLE
Federal Power Commission
Federal Trade Commission
Bureau of Competition
American Gas Association
FPC
Bureau
FTC
AGA
Continental Oil Co
Exxon Corp
Gulf Oil Corp
Mobile Oil Corp
Pennzoil Co
Shell Oil Co
Standard Oi Company of California
Standard Oil Co
Indiana
Tenneco, Inc
Texaco, Inc
Union Oil Company of California
Theodore Lytle Jr
Lytle
Washington
Rve
Congress
FTC Bureau of Competition
Hardy