According to a study released Tuesday by the Foundation for Taxpayer & Consumer Rights, oil companies are using rising crude oil prices to smokescreen record profiteering.

The study found that the price of gasoline rose far faster than the price increase oil companies were paying for crude oil. Reads the press release:

“Increases in the “spot” market price of crude oil — which is the highest price a major oil company would pay for crude oil — accounted for only 12 cents per gallon. California’s percentage sales tax increased fuel prices by another four cents per gallon. More than 40 cents of the 60-cent increase in gasoline prices over 3 1/2 months is attributable to increased refinery and marketing profit margins for the oil companies”

Full study here. [via Blogsnow]

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