Amerada Hess Reaches an Agreement with Attorney General Of N.J.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Amerada Hess Corporation The Hess Corporation (NYSE: HES) is an integrated oil company based in New York City. The company changed its name from Amerada Hess as of May 8, 2006. The company explores, produces, transports, and refines oil. (AHC AHC Appalachian Hardwood Center AHC American Heritage Center (University of Wyoming, Laramie, WY) AHC American Horse Council AHC Association for History and Computing AHC Australian Heritage Commission AHC Assault Helicopter Company :NYSE NYSE See: New York Stock Exchange ) 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 gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by at prices lower than the competition. In the turmoil following Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. , 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. |
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