Skip to comments.Dianne Feinstein tells regulators to investigate high California gas prices, again
Posted on 10/08/2012 5:16:48 PM PDT by SeekAndFind
Six weeks after calling for an investigation into high California gas prices, Sen. Dianne Feinstein once again told the Federal Trade Commission that Golden State drivers are being gouged.
Dianne Feinstein letter to FTC">In a letter to FTC boss Jon Leibowitz, Feinstein wrote of "malicious trading schemes in the California gasoline market."
Feinstein sent an earlier letter to Leibowitz complaining of price spikes "unjustified by supply and demand" on Aug. 28.
Citing a possible "illegal short squeeze," Feinstein called for not only an FTC investigation, but also better monitoring of the gasoline and oil markets and also the creation of a "permanent gasoline and oil market oversight unit."
Although Feinstein said that "market fundamentals" can't explain high California gas prices, the situation isn't that clear cut, said Severin Borenstein, head of the Energy Research Institute at the University of California Berkeley.
In a blog post, Borenstein wrote that although it's possible that gasoline refiners are using problems at several refineries as a reason to raise prices, it is "difficult to diagnose such behavior in the extremely complex refinery business."
In fact, Borenstein wrote, proving this type of gouging in the oil business "is pretty much hopeless" given existing market data. "Furthermore, even if we could tell when a gasoline refiner was doing it, as long as they acted alone -- not colluding with rivals -- it would not be illegal."
Sacramento gas prices were $4.546 on Monday morning; the average price across the state is $4.668, according to the AAA Fuel Gauge Report.
Prices climbed by almost 46 cents in Sacramento in a week, most of it almost overnight.
Over the weekend, Gov. Jerry Brown asked the California Air Resources Board to allow oil companies to start selling their cheaper winter blend of gas to help push the price down, according to the Los Angeles Times.
Somebody give her a medal.
I guess she did not hear about this-
“on Friday reported that operations had returned to normal at its oil refinery in Torrance, California, following a disruption by a power provider on Monday.
Exxon Mobil reported prior this week that power had been cut to the complete refinery because of an outage at a Southern California Edison substation. The Power outage directed few units to blackout and others to slow down.
On Friday, the oil exploration company reported that it is rationing the fuel it supplies to spot-market clients on the West Coast.”
They need to stop grandstanding. Better yet, they should admit their incompetence and resign from office. They have driven CA into a ditch.
Democrats always asking for investigations of high gas prices. All they need to do is walk into the White House and talk to their boss. He has caused them but the democrats would like to appear that they are upset about it while toasting each other in the backroom.
You had a fire at the Richmond refinery.
You had a power outage at the Torrance refinery.
You have chloride in the Kettleman pipeline.
You can only sell a certain blend of gasoline in California.
Did it ever occur to you that instead of blowing $40 billion for a choo-choo train you should have used that money to build a state of the art ‘Green’ refinery?
Even Pat Brown, a Democrat, had California build state owned hydroelectric dams and water projects.
The last complex oil refinery in the continental United States was built in 1976 [Garyville, LA].
Maybe we should build a new one?
Correction : The acorn does not drop to far from the oak tree.
She, nor her husbands bank must not have any stock in the gas companies there in Cal. (sarc)
I just had a storyline about a modern day Robin Hood story, a group organizes a event that at a certain time all stations in a certain area that are pumping gas for a short time have a glitch and sell the gas at 35 cents a gallon like it was some years ago.
The device is portable and they run around southern CA using it secretly, nobody knows where or when but instead of paying $50 of 10 gallons you pay $3.50.
The government steals our lives away from its infested Communist disease, why feel sorry for it?
If your story is about people going to different gas stations to steal, that isn’t a modern day Robin Hood story. It’s no different than gangs taking over gas stations in Detroit and saying “we own this.”
Its a story friend, its in a book, its fiction, it sells, it creates an income.
Its not my fault if somebody disagrees with it, if I had an audience around for every idea I pen I would be standing in a bread line. Separation of reality and fiction.
So you disagree, I disagree that you disagree and I substitute my fantasy for your reality, its my destiny to create.
You can create all the fantasy you want. Just don’t come here trying to pretend it’s a modern day Robin Hood story. Those of us who actually know what Robin Hood was about dislike the liberal mantra that Robin Hood robbed from the rich to give to the poor.
” She knows the winter blend is coming but wants to get credit for it. Also keep the blame on big oil.”
The Village Idiot could see through this, so that means her constituents won’t have a clue : )