FTC Subpeonas Oil Execs

News:

"The Federal Trade Commission has sent subpoenas to Big Oil companies in its investigation of gasoline price manipulation and oil refining capacity constraints, and hopes to complete the probe next spring, the agency's head told a U.S. Senate hearing on Wednesday.

The agency sent out 'dozens of subpoenas' to companies, including oil giants Exxon Mobil Corp., Chevron Corp. , ConocoPhillips, and the U.S. units of BP Plc. (BP.L) and Royal Dutch Shell Plc., FTC Chairwoman Deborah Majoras said.

She spoke following a hearing on energy profits held by the Senate's energy and commerce committees. 'It is a major investigation.' "