| << Back |
NEW YORK--(BUSINESS WIRE)--Nov. 22, 2005--Amerada Hess Corporation (AHC:NYSE) announced today that it reached an agreement with the Attorney General of the State of New Jersey to resolve alleged violations of a 1938 provision of the Motor Fuels Act which prohibits motor fuel retailers from changing prices more than once during a 24-hour period.
For over 40 years, Hess' marketing philosophy has been to offer customers a reliable and secure supply of high quality gasoline at prices lower than the competition. In the turmoil following Hurricane Katrina, the market experienced an unprecedented four-day surge in the wholesale cost of gasoline. During this period, Hess made measured price increases, as opposed to a single, large price change each day. Although Hess firmly believes that these pricing practices resulted in lower gasoline prices for customers the Company has agreed to a settlement of $372,391 to resolve this matter with the Attorney General.
A portion of the settlement payment will be used to address the home heating needs of seniors and low-income families in New Jersey. Hess, as a good corporate citizen with a long history in New Jersey, welcomes this opportunity to work with the Attorney General to provide help with regard to energy costs to consumers in the State.
About Amerada Hess Corporation
Amerada Hess, headquartered in New York, is a global integrated energy company engaged in the exploration for and the production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products.
CONTACT: Amerada Hess Corporation
Jay R. Wilson, 212-536-8940
SOURCE: Amerada Hess Corporation