Senate Supports Stabenow's Call for FTC Gas Price Gouging Probe
Investigation request is included as an amendment to an energy bill that passed the Senate today
The U.S. Senate today approved an energy bill that includes an amendment by U.S. Senator Debbie Stabenow (D-MI) requiring a formal investigation by the Federal Trade Commission into whether gasoline prices are being artificially manipulated and if drivers are being price-gouged.
"AAA of Michigan notes that state residents will pay close to record amounts for fuel - an average of 37.3 cents per gallon more than last year - if they choose to travel this Fourth of July holiday," Stabenow said. "Yet, at the same time that rising gas prices are causing Michigan families to think about curtailing their summer vacations, oil companies are announcing all-time record profits."
"Most Americans believe these skyrocketing gas prices are not fair, and I am pleased the Senate has agreed that the FTC needs to investigate these price hikes," she said. "We owe it to the public to determine whether illegal practices have led to these dramatic price hikes."
Specifically, the Senate version of the energy bill directs the FTC to conduct an investigation to determine whether the price of gasoline is being manipulated by reducing refinery capacity or by any other form of market manipulation or price gouging practices.
The amendment was co-sponsored by U.S. Senator Byron Dorgan (D-ND).