FTC Needs More Time in Probe of Gas Price Spike
The Federal Trade Commission said it has yet to reach any conclusions on whether price-fixing caused Midwest gasoline prices to skyrocket to more than $2 a gallon in early summer.
The agency said its antitrust investigation will take an additional three to four months as it reviews documents subpoenaed from oil refiners and questions industry decision makers.
Industry officials say prices rose more dramatically in the Midwest because of new environmental regulations in the region that took effect in June and production curbs by the Organization of Petroleum Exporting Countries.
Although these factors, plus a pipeline break, likely “contributed to the dramatic recent price hikes in the Midwest, no single factor appears . . . to be likely to provide a full explanation,” the FTC said in its preliminary report.
The agency said it issued a second set of subpoenas to refiners and to companies that own or control the pipelines serving Midwestern markets.
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