State Attorney General Bill Lockyear says there´s no evidence of illegal activities in connection with rising gas prices in California.
At a news conference in Los Angeles today, Lockyear said his department has an ongoing investigation of gas prices. He said the hikes appear to be largely the result of rising crude oil prices, war anxiety and an ongoing reduction of inventories by oil companies. Lockyear said, “The companies are holding less and less and so that means they buy more expensive oil when they have to and it´s driving up the price.”
The attorney general also said the oil market needs more competition. As he sees it, “We don´t see illegal manipulation. We do see the continuation of six companies that control 92% of the market.”