Record Gas Prices Fueled By Oil Manipulation? Senators Want Big-Time Investigation
If you felt reamed during October's California gas-price spike, in which records were set at the pump even though there was no real oil supply crisis at all, you have some powerful company.
The U.S. senators from California, Washington and Oregon this week asked the U.S. Department of Justice to do a "refinery-by-refinery investigation into the cause of spikes that drove gas prices to more than $4 a gallon in Western states during May and October."
That according to ...
Here's the deal:
Gas prices on Oct. 7.
UCLA Bruins Men's Basketball vs. University of Michigan Men's Basketball
TicketsSat., Dec. 10, 5:00pm
Los Angeles D-Fenders vs. Austin Spurs
TicketsSat., Dec. 10, 6:30pm
CSUN Men?s Basketball vs. Loyola Marymount Lions Mens Basketball
TicketsSat., Dec. 10, 7:00pm
Los Angeles Clippers v New Orleans Pelicans - Verified Resale Tickets
TicketsSat., Dec. 10, 7:30pm
Refineries in California, including the South Bay's Tesoro plant and others in the Bay Area, shut down or ran at limited capacity, ostensibly because of fire, equipment breakdowns and other issues.
All this happened on the eve of the state's annual switch over to winter blends, when refiners don't usually stock up on summer gas as they anticipate a mandatory transition to a new blend.
Recent reports allege that there is evidence that some of these plants continued operating despite company statements that they were down for repairs and maintenance.
The senators want answers. Gas for top-octane fuel in L.A. reached the $6 range at some stations. Feinstein and the other senators write:
We are requesting a Department of Justice investigation of possible market manipulation and false reporting by oil refineries which may have created a perception of a supply shortage, when in fact refineries were still producing.
Fired up? Don't forget to add gas.
Get the ICYMI: Today's Top Stories Newsletter
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in Los Angeles, delivered to your inbox Monday through Friday.