Iowa strikes cash in settlement with oil company

Iowa has received its last settlement check from oil companies, which overcharged consumers during a long-ago fuel crisis. Bob Brammer, at the Iowa Attorney General’s office, says the check represents the final significant payment in a multi-state case that dates back to 1973.Brammer says oil companies overcharged customers for gas during a time of federal price controls between 1973 and ’81. The controls were set in place due to runaway prices and a shortage of fuel. Brammer says this last check is the end of a lengthy chapter in Iowa legal history.The final check was for nearly 338-thousand dollars. Since the settlement was reached in the mid-1980s, Iowa has received more than 77-million dollars in payments from the oil companies. Brammer says the funds have gone toward energy conservation efforts, weatherizing of state buildings and toward helping low-income families pay their power bills.