FTC sees no illegal gas price manipulation

[Regis Philbin]

http://today.reuters.com/news/newsarticle.aspx?type=domesticNews&storyid=2006-05-22T153620Z_01_N22373938_RTRUKOC_0_US-ENERGY-GASOLINE-FTC.xml&src=rss&rpc=22

FTC sees no illegal gas price manipulation

Mon May 22, 2006 11:36am ET

WASHINGTON (Reuters) - An investigation by U.S. antitrust authorities found no evidence that oil companies illegally manipulated gasoline prices or constrained oil refining operations, the Federal Trade Commission said on Monday.

However, the agency said it had found 15 examples that fit lawmakers' definition of price-gouging at the "refining, wholesale, or retail level." It said factors like regional and local market trends appeared to explain the pricing in nearly all the cases.

Congress ordered the FTC probe last summer as part of a broad energy bill in response to a steady climb in crude oil and gasoline prices.

[pinky]

I guess price-gouging isn't illegal.

[*Candy*]

I cant stand the FTC and the FDA. They are two of the most corrupt government organizations in existance and I really couldnt care less what the FTC says about gas prices.

[Regis Philbin]

Who are the Libs going to blame for the gas prices now???

[Regis Philbin]

I cant stand the FTC and the FDA. They are two of the most corrupt government organizations in existance and I really couldnt care less what the FTC says about gas prices.

Is that because they don't have a liberal agenda to promote?

[pinky]

However, the agency said it had found 15 examples that fit lawmakers' definition of price-gouging at the "refining, wholesale, or retail level."Sounds like the oil companies to me!

[Regis Philbin]

You somehow forgot to post the rest of the paragraph...

It said factors like regional and local market trends appeared to explain the pricing in nearly all the cases.

[pinky]

Well, you're the master of that!

I recognize regional impact can have an effect, but over the past 8 months, those situations should have been worked out, if the oil companies were really interested in doing so.

[Regis Philbin]

Some areas have to have oxygenated fuel. Others have to have special blends based on their climate. Then, of course, there's differences in taxes and the way they're calculated from place to place. Most states tax by the gallon, but a few tax by the dollar---which can really make the price go up fast when there's a supply problem.

[db44]

And yet huge profits... Many industries would be investigated for collusion or monopolization at this point, based on publicly released numbers.

[DoubleEdgeSword]

However, the agency said it had found 15 examples that fit lawmakers' definition of price-gouging...

And that's the key. Congress decides what constitutes "price-gouging." Do you think they may be influenced at all by Big Oil?

[pinky]

Some areas have to have oxygenated fuel. Others have to have special blends based on their climate. Then, of course, there's differences in taxes and the way they're calculated from place to place. Most states tax by the gallon, but a few tax by the dollar---which can really make the price go up fast when there's a supply problem.
That's what I meant by regional impact. But it's been over 8 months (almost 9, actually) since Katrina interrupted supplies. If the big oil companies were concerned about levelling supplies of gas specific to certain areas, they could have done so by now. Is it in the interests of their bottom lines to do so? I think not.

Also, in states which tax by the gallon, the impact of taxes has nothing to do with rising prices, does it?

[emjay]

Peak oil is a scam manufactured by the oil companies to create artificial scarcity and drive up profits for transnational oil cartels.