Industry groups reply to anger over gasoline prices

Trade association officials cited aggressive reinvestment rates and already announced commitments to increase US refining capacity in response to public anger over high gasoline prices.They also called for action against those who attempt to excessively profit from supply problems. “The oil industry does not condone price-gouging. We support investigations and punishment of anyone who is found guilty,” American Petroleum Institute Pres. Red Cavaney said.But he also warned against reviving the windfall profit tax because the last one, which was in effect from 1981 to 1986, drove production growth out of the US and reduced the domestic oil industry workforce by one third.Cavaney...

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