June 21, 2011
- in Uncategorized by schooloftrade
FTC to investigate crude, product price allegations
WASHINGTON, DC, June 21 — The US Federal Trade Commission will investigate whether crude oil and product price increases this spring resulted from possibly anticompetitive behavior, according to letters sent by FTC Chairman Jon Leibowitz to five US senators. Leibowitz cited US Energy Information Administration statistics in early May showing a 90% increase in US refiners’ margins since the beginning of the year, and refineries running at 81.7% of capacity at the time, 7% less than a year earlier.
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