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U.S. senators want ‘elevated and volatile’ West Coast pump prices investigated -Breaking

by Mike Robinson

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© Reuters. The Helios House is the first LEED-certified gas station, located in West Olympic Boulevard, Los Angeles, California. Prices are shown March 10, 2022. Picture taken March 10, 2022. REUTERS/Bing Guian

WASHINGTON, (Reuters) – Three U.S. Senators wrote Tuesday to the U.S. Federal Trade Commission to request an investigation of “elevated” and volatile prices for jet fuel, gasoline and diesel.

All Democrats on the West Coast including Ron Wyden and Dianne Feinstein, Maria Cantwell and Dianne Feinstein, asked the agency to concentrate its attention on trading practices which set benchmark prices, which could have had an impact on fuel prices in California, Oregon, and Washington.

The letter stated that “We are concerned by the fact that the prices consumers pay at the pump today are not proportional to the increase and subsequent decrease in price over the last month” and could not be explained completely by supply-demand fundamentals.

It comes just days before the House Energy and Commerce Committee hosts a hearing called “Gouged in the Gas Station: Big oil and America’s pain at The Pump”. Senior executives from BP (NYSE) America Inc. were witnesses. Chevron Corp (NYSE :), ExxonMobil Corp (NYSE 🙂 Shell (LON 🙂 USA, and other.

A request for comment was not answered by the FTC immediately.

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