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Entries in John D. Rockefeller IV (1)

Monday
Jun202011

FTC to Probe Possible Gas Price-Raising Oil Industry Abuses

Comstock Images/Thinkstock(WASHINGTON) -- The Federal Trade Commission (FTC) agreed Monday to begin investigating what impact the oil and gasoline market has on the price Americans end up paying at the pumps.  More specifically, the probe will uncover unethical practices, if any, going on within the oil industry.

"A strong and vigorous investigation into rising gas prices is appropriate, timely and essential," Commerce, Science and Transportation Committee chairman John D. Rockefeller IV said Monday.  "American families are rebounding from the economic downturn, and we must continue to pursue bad actors who threaten that recovery."

Rockefeller wrote a letter to the FTC calling for a hard look at the oil and gas industry after prices soared for consumers this spring.  

"I am not convinced that these price increases were necessary or reflected true market conditions," said Rockefeller.  He added that his concerns grew when oil companies reported such high profits while the American public paid more and more to fill their gas tanks.

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