Skip Navigation

Close and don't show again.

Your browser is out of date.

You may not get the full experience here on National Journal.

Please upgrade your browser to any of the following supported browsers:

FTC Investigation: Is the Oil Industry Manipulating Gas Prices? FTC Investigation: Is the Oil Industry Manipulating Gas Prices?

This ad will end in seconds
 
Close X

Not a member? Learn More »

Forget Your Password?

Don't have an account? Register »

Reveal Navigation
 

 

Energy / energy

FTC Investigation: Is the Oil Industry Manipulating Gas Prices?

The FTC is investigating the oil industry's hand in gasoline price spikes.(Justin Sullivan/Getty Images)

photo of Lindsey Boerma
June 21, 2011

After months of more expensive gasoline driven by wildly fluctuating oil prices, the Federal Trade Commission has launched an investigation of oil and gas markets to determine whether or not they engaged in anti-competitive conduct and price manipulation, The Washington Post reports.

“I am not convinced that these price increases were necessary or reflected true market conditions,” Sen. Jay Rockefeller, D-W.Va., said in a statement after FTC informed Congress of the investigation. “And the high profits in the oil industry only increase my concerns that West Virginians are paying more at the pump while the big companies are getting richer.”

Though collusion and price-fixing fall under the jurisdiction of the Justice Department, the FTC holds the authority to issue civil sanctions on companies that manipulate the prices of petroleum products. The investigation comes just after (in a separate incident) the ICE Futures exchange in London imposed a $40,000 penalty on Goldman Sachs for “disorderly trading” of crude oil contracts.

LIKE THIS STORY? Sign up for Energy Edge

Sign up for our daily newsletter and stay on top of energy coverage.

Sign up form for Energy Edge
Job Board
Search Jobs
Biomedical Service Internship Position
American Society of Civil Engineers | Flint, MI
Fire Sprinkler Inspector
American Society of Civil Engineers | Charlotte, NC
Professional Development Program Engineer
American Society of Civil Engineers | Farmington Hills, MI
Deputy Director of Transit Operations
American Society of Civil Engineers | San Jose, CA
Transportation Planner
American Society of Civil Engineers | Salinas, CA
Assistant Professor - Water Resources/Ecological Engineering
American Society of Civil Engineers | Auburn, AL
Product Manager - Chemical Development and Supply - Tulsa, OK
American Society of Civil Engineers | Tulsa, OK
Commissioning Intern
American Society of Civil Engineers | Chicago, IL
Assessment and Remediation Team Lead
American Society of Civil Engineers | Regina, SK
Business Development Manager
American Society of Civil Engineers
Sr. Controls Systems Engineer
American Society of Civil Engineers | Grand Island, NE
Senior Project Manager- Transportation
American Society of Civil Engineers | San Antonio, TX
Materials Engineer 2
American Society of Civil Engineers | IL
Land Surveyor
American Society of Civil Engineers
Quality Engineer
American Society of Civil Engineers | Attica, IN
 
Comments
comments powered by Disqus