Gasoline price increases in the spring and summer of 2006 were not the result of antitrust violations by oil companies or refiners, the Federal Trade Commission said Thursday.
“The 2006 price increases were caused by a confluence of factors reflecting the normal operation of the market,” the commission said in a report to President Bush.
What is this, the 30th report to have proved that higher gasoline prices are the result of market forces, not price-gouging? How many times will the table-thumping populists beat up on energy companies for gouging the consumer despite all evidence to the contrary?
In any case, there’s absolutely no justification for the anti-price-gouging language in the Senate passed energy bill. All it can do is discourage companies from following market signals, leading to fuel shortages.
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