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California Subpoenas Oil Company Records In Price Probe

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Sacramento, CA — California is subpoenaing records from the state´s 21 oil refineries and a half-dozen major oil companies as part of an investigation into rapidly rising gasoline prices.

Attorney General Bill Lockyer says ChevronTexaco, ExxonMobil, ConocoPhillips, Valero, Shell and BP officials will be required to provide financial details to prove their multibillion dollar profits aren´t from profiteering.

An industry spokesman says the companies routinely file public financial disclosures with the Securities and Exchange Commission.

He says numerous previous investigations show the oil companies are doing nothing illegal and aren´t manipulating the market.