Hood
JACKSON, Miss. - Mississippi Attorney General Jim Hood on Thursday announced five companies have settled with his office following an investigation of alleged post-Hurricane Katrina gasoline price-gouging.
Hood investigated seven companies, and the five that settled paid a total of $293,254.61, most of that amount coming in the form of penalties. Fair Oil and Wilburn Oil were the two that did not settle.
"We fully intend to file suit against the others if we can't come to an agreement in the near future," said Hood, who has made headlines this year with his war against the insurance industry over its post-Katrina practices.
Earlier this month, Kentucky Attorney General Greg Stumbo filed the first state lawsuit against a major oil refinery over alleged price-gouging, though he's looking for at least $89 million in damages from Marathon Oil and Speedway SuperAmerica.
Hood called his evidence against the seven companies he investigated "compelling."
In the settlement, $216,000 was paid in penalties, $33,530.47 for disgorgement and $43,724.14 in fees and court costs.
Hood also said he will partner with Mississippi State University for a gasoline industry market study.
"We are taking an in depth look at the retail gasoline industry within Mississippi by conducting a market study with the assistance of the Economics Department of Mississippi State University," Hood said. "This will give us a significant tool to determine whether anything illegal is occurring and if so, what laws are being broken. This will be a major investigatory tool if price gouging is suspected in the future."
Also, his office will put out a pamphlet titled, "What determines the price I pay for gasoline?" Hood says a need has risen to inform the public about the gasoline industry since Katrina.
The following is a breakdown of the settling parties provided by Hood's office:
-Sumrall Oil: $54,849.51
Disgorgement $4,003.14
Penalties $40,000
Cost and Fees $7,287.29
-Prince Oil: $65,165.79
Disgorgement $9,591.01
Penalties $41,000
Cost and Fees $14,574.78
-Spaceway: $36,086.74
Disgorgement $2,799.45
Penalties $26,000
Cost and Fees $7,287.29
-Southern Oil: $62,861.94
Disgorgement $9,574.65
Penalties $46,000
Cost and Fees $7,287.29
-Moak Petroleum: $74,290.63
Disgorgement $4,003.14
Penalties $63,000
Cost and Fees $7,287.49