NATION : Exxon Denies Profiting From Spill
Exxon Corp. denied today that it deliberately hiked gasoline prices in the aftermath of the oil spill that resulted from one of its tankers running into a reef off the Alaskan coast last month.
“The idea that Exxon raised prices to profit from the spill is completely unfounded,” Joe McMillan, Exxon senior vice president, told a subcommittee of the Senate Energy and Natural Resources Committee.
McMillan said the 12.5 million barrels of crude oil lost because of the March 24 spill near the Alaskan port of Valdez was minimal given free world demand of more than 50 million barrels a day. He blamed other factors for the recent rise in gasoline prices.
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