Edwards Calls for Probe of Oil Industry

Democratic presidential hopeful John Edwards has called for a federal investigation into possible antitrust violations by the oil industry and criticized oil companies for raising gas prices.

“There’s absolutely no justification for the gas companies to be as profitable as they are and have the taxpayers subsidizing the industry,” Edwards said.

The former senator from North Carolina has outlined an energy plan he argues would get America “off its oil addiction.” Edwards said his plan would seek to provide economic relief while increasing industry oversight and reducing America’s oil addiction.

One measure is to raise federal auto fuel economy requirements to 40 miles per gallon from the current 27.5 mpg by 2016.

Steady on John don’t get too excited.