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FTC Releases Report on its 的nvestigation of Gasoline Price Manipulation..

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oostevo Donating Member (293 posts) Send PM | Profile | Ignore Mon May-22-06 10:46 AM
Original message
FTC Releases Report on its 的nvestigation of Gasoline Price Manipulation..
Edited on Mon May-22-06 10:59 AM by oostevo
The Federal Trade Commission today issued a report entitled 的nvestigation of Gasoline Price Manipulation and Post-Katrina Gasoline Price Increases. The report details the results of an intensive, Congressionally-mandated Commission investigation into whether gasoline prices nationwide were 殿rtificially manipulated by reducing refinery capacity or by any other form of market manipulation or price gouging practices and into gasoline pricing by refiners, large wholesalers, and retailers in the aftermath of Hurricane Katrina.

In its investigation, the FTC found no instances of illegal market manipulation that led to higher prices during the relevant time periods but found 15 examples of pricing at the refining, wholesale, or retail level that fit the relevant legislation痴 definition of evidence of 菟rice gouging. Other factors such as regional or local market trends, however, appeared to explain these firms prices in nearly all cases. Further, the report reiterated the FTC痴 position that federal gasoline price gouging legislation, in addition to being difficult to enforce, could cause more problems for consumers than it solves, and that competitive market forces should be allowed to determine the price of gasoline drivers pay at the pump.


More at http://www.ftc.gov/opa/2006/05/katrinagasprices.htm

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Debau2005 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 10:48 AM
Response to Original message
1. WOW
I am shocked.... :sarcasm:
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stepnw1f Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 10:51 AM
Response to Original message
2. surrrrrrrrrrrrrrrrrrrrrrrre
whatever chuckle futz.
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sinkingfeeling Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 10:52 AM
Response to Original message
3. Gee, I'm a 'seer'. Predicted this would be the outcome....no illegal
market manipulation.
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William Seger Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 11:03 AM
Response to Original message
4. So, all the obvious market manipulation was perfectly legal
... move along.
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Kagemusha Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 11:05 AM
Response to Reply #4
5. That... is a far more honest answer than I expected.
I'm glad the FTC at least had the decency to put it this way.
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Xipe Totec Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 11:05 AM
Response to Original message
6. And, at the same time, from mouth's other side...
FTC Finds Gas Price Gouging After Katrina

WASHINGTON - The Federal Trade Commission on Monday said it found 15 examples of gasoline price gouging after Hurricane Katrina, though the agency said it has not identified any widespread effort by the oil industry to illegally manipulate the marketplace

http://news.yahoo.com/s/ap/20060522/ap_on_bi_ge/gasolin...

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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 11:14 AM
Response to Original message
7. Should we have expected anything different from a bu$h government?
They only looked at the gas stations - not at the oil companies
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ShockediSay Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 11:33 AM
Response to Original message
8. what about anti-trust concentration and reduction of refining capacity?
ever hear of Standard Oil?
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Aviation Pro Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 12:12 PM
Response to Original message
9. Big Oil cleared by FTC for price fixing
Surprise, effing surprise:

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 Monday.

Rest here: http://money.cnn.com/2006/05/22/news/economy/ftc_gas.re...

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TechBear_Seattle Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 12:12 PM
Response to Reply #9
10. All who are surprised that the Administration found no wrong doing...
Deserve all that the Current Regime has done.
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reichstag911 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 12:12 PM
Response to Reply #9
11. Move along...
...nothing to see here... :eyes:
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Initech Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 12:14 PM
Response to Original message
12. Go back to bed, America. Your government is in control.
Here, watch The Apprentice and get fat and stupid. Go watch 500 channels of Dr. Phil. Go back to bed, America.
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Toucano Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 01:21 PM
Response to Original message
13. "competitive market forces" ROFLMAO! n/t
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Tempest Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 01:33 PM
Response to Original message
14. FTC head has deep ties to the oil industry
Deborah Platt Majoras was appointed May 11, 2004, by President George W. Bush to be Chairman and Commissioner of the Federal Trade Commission.

"The Federal Trade Commission chairwoman is the FTC's point person on its gasoline price gouging inquiry in the wake of Hurricane Katrina. Unfortunately, in her prior life at the Jones Day law firm she was also the point person for ChevronTexaco and Halliburton subsidiary Kellogg Brown and Root. In 2004, Senator Ron Wyden opposed her nomination for her refusal to outline the steps she would take to investigate and fight gas price gouging."

Majoras' original appointment was set aside because "senators who were concerned about how tough she'd be about rising gas prices put her confirmation on hold. So Bush appointed her without them, during the Senate's August recess.

http://www.sourcewatch.org/index.php?title=Deborah_Plat...
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Turn CO Blue Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-22-06 01:53 PM
Response to Reply #14
15. Jeepers, The oilmen put an oilwoman in charge of the inquiry?
I am shocked!

Not.

Thanks for posting Chairwoman Majoras' "qualifications".
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BR_Parkway Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-23-06 02:47 AM
Response to Original message
16. BREAKING: Fox declares henhouse safe for birds of all flocks
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radfringe Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-23-06 02:53 AM
Response to Original message
17. as expected
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