Exxon Mobil's Riches: Fueling Controversy?

U.S. Senator Byron Dorgan (Dorgan) said, "There can be no more compelling evidence that the price gouging and market manipulation which has produced record oil prices is out of control, and is working to serve the forces of individual greed and corporate gluttony at the painful expense of millions of American consumers."⁸

Dorgan also announced his intention to renew his effort to enact a windfall profits rebate⁹ for consumers. On May 03, 2006, the United States House of Representatives passed a price gouging bill that would penalize any oil company found guilty of price gouging with penalties of upto US$ 150 million. Many analysts felt that no measure of Raymond's personal performance could justify this payout...

In 1882, Rockefeller and his partners used a 'trust' form of partnership to centralize their holdings in various US oil companies under a single group of trustees, thus establishing the Standard Oil Trust. However, US politicians and journalists accused Standard Oil of monopolistic practices and stifling the competition. In 1911, a US Supreme Court ruling led to the dissolution of Standard Oil Trust into 34 separate companies. Jersey Standard (Standard) and Socony were two of the 34 companies formed by the break-up of Standard Oil Trust. Standard and Socony went on to become Exxon and Mobil respectively. Demand for gasoline was increasing in the early 20^th century. In 1920, Socony registered its product trademark Mobiloil. Both companies consolidated their positions during the next decade with a few acquisitions...