{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Oil company heads deny allegations of price fixing' data-url='/boclips/videos/5c54bce8d8eafeecae130220' data-video-url='/boclips/videos/5c54bce8d8eafeecae130220' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nOil company heads deny allegations of price fixing\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Close shot of man putting gas pump in his car 2. Close shot showing amount of sale3. Wide shot of Exxon sign, zoom into prices 4. Man putting gas pump in is car5. SOUNDBITE: Vox Pop(Question: What do you think of gas prices? ) \"It is...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Close shot of man putting gas pump in his car \u003cbr/\u003e2. Close shot showing amount of sale\u003cbr/\u003e3. Wide shot of Exxon sign, zoom into prices \u003cbr/\u003e4. Man putting gas pump in is car\u003cbr/\u003e5. SOUNDBITE: Vox Pop\u003cbr/\u003e(Question: What do you think of gas prices? ) \u003cbr/\u003e\"It is an abomination. They're way too high. I think the oil companies are on the fix here.\"\u003cbr/\u003e6. Wide shot of Senate hearing\u003cbr/\u003e7. Medium side shot of Senate panel\u003cbr/\u003e8. SOUNDBITE: (English) Senator Carl Levin, Chairman of the Senate Permanent Investigations Subcommittee:\u003cbr/\u003e\"Price spikes are becoming a way of life in the United States and not without serious consequences. The refining market is so concentrated that oil companies can act to limit supply and from time to time spike prices to maximise profit, and because there is insufficient competition and other company supplies are also kept tight, there is little to no challenge to that action.\"\u003cbr/\u003e9. Shots of the oil company executives being sworn in\u003cbr/\u003e10. SOUNDBITE: (English) Rob Routes, President and CEO, Shell Oil:\u003cbr/\u003e\"The members of our industry never discuss amongst themselves how we price our product. Not only would that be illegal under federal antitrust statues, but it would also disadvantage our ability to stay competitive within the marketplace. I can tell you that we price our product relatively to the market and that we're constantly striving to provide our customers quality motor fuels at a price that is competitive.\"\u003cbr/\u003e11. Close shot of gas pump going into car\u003cbr/\u003e12. Close shot of amount of sale\u003cbr/\u003e13. Wider shot of man pumping gas into his car\u003cbr/\u003e14. SOUNDBITE: (English) Ross Pillari, Vice President, BP \u003cbr/\u003e\"The marketplace works, and while it is working it will reflect the realities of the actions required to balance supply and demand. Artificial interventions are likely to result in consequences and unpredictable results.\"\u003cbr/\u003e15. Cutaway of a senator listening\u003cbr/\u003e16. Wide shot of panel of oil executives\u003cbr/\u003e17. SOUNDBITE: (English) David Reeves, ChevronTexaco Corp.\u003cbr/\u003e\"The report refers to the various mergers and acquisitions that have taken place, most of them in the last decade, and suggests that they have reduced competition. I believe that they have increased competition. The mergers created stronger companies which were more efficient, and thus, better able to compete.\"\u003cbr/\u003e18. Wide shot of hearing\u003cbr/\u003eWhen American drivers went to fill up their tanks last summer, they were hit with sometimes shockingly high prices - often as much as two dollars a gallon.\u003cbr/\u003ePrices fell again in the fall as demand for fuel decreased after the September 11 terrorist attacks, but there is now evidence refiners then cut production to obtain higher prices. \u003cbr/\u003eThis week, the national average price of a gallon of unleaded gasoline was one dollar and 41 cents, up 27 percent since the first of the year.\u003cbr/\u003eA recently completed congressional investigation said U-S oil companies are to blame for the price hikes.\u003cbr/\u003eThe Senate subcommittee report released Monday charged that some companies had withheld supplies to force up gasoline prices during tight markets.\u003cbr/\u003eThe report also said increased industry concentration, because of mergers, made it easier for a company to affect prices.\u003cbr/\u003eBut at a hearing Tuesday, oil industry leaders disputed those findings, insisting they had done nothing illegal.\u003cbr/\u003eOil company executives told the subcommittee that recent price spikes simply reflect market conditions and that refineries have worked aggressively to maintain supplies in a tight market.\u003cbr/\u003eMany of the executives - including ChevronTexaco's David Reeves - argued that contrary to the conclusions by the Senate subcommittee report, the industry mergers have actually increased competition and created stronger companies which are better able to compete.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv 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