Washington Governor Gregoire’s Urges Federal Trade Commission To Investigate Oil And Petroleum Markets

May 22, 2008 -- OLYMPIA – Washington Governor Chris Gregoire today issued the following statement urging the Federal Trade Commission (FTC) to investigate oil and petroleum markets:

“Today I sent a letter to the FTC urging them to quickly and aggressively investigate possible market manipulation in the petroleum markets. I reminded FTC Chairman William Kovacic and his fellow commission colleagues that Congress just last year gave the FTC authority to ensure that the U.S. petroleum market is free from price rigging and to penalize those who are caught manipulating a market so critical to our economy.

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“It is time for the FTC to step up and investigate, as Congress already is doing. Rural consumers, farms, and small businesses are especially hard hit by high fuel costs. Families paying higher gas prices just to get to work are suffering. All Washingtonians are being impacted. While many factors may explain local gas prices, the federal government has the ability to evaluate the markets and supply chain to ensure prices reflect market fundamentals.”

Source: Washington Governor