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Dems ask FTC to investigate high gas prices |
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By Klaus Marre
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Posted: 04/25/08 11:02 AM [ET] |
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House Democratic leaders on Friday asked the Federal Trade Commission (FTC) to make use of its authority to investigate the high price of gasoline. “The FTC must no longer delay action on implementing the mandate from Congress to stop market manipulation as American families and businesses struggle to deal with record gas prices,” said the Democratic leaders, including House Speaker Nancy Pelosi (Calif.) and Majority Leader Steny Hoyer (Md.), in a letter to the FTC. The lawmakers note that Congress last year passed legislation that directs the agency to “ensure that the U.S. petroleum market is free from price or supply manipulation.” “Utilized effectively, this new authority will substantially strengthen consumer protections against high energy prices,” the Democrats said. However, they lament that the FTC “has failed to exercise its power to protect consumers from skyrocketing energy costs.” The lawmakers are calling for “aggressive oversight” to make sure that the oil industry is not manipulating prices by cutting back production or taking other measures. Democrats have been trying to more aggressively tackle the issue of high gasoline costs after having been called out by House Republicans to reveal their plans to help Americans who are feeling the steep prices at the pump. |
