Democratic News

Sep 12 2001

On Gasoline Prices and Supply

Jeff Bingaman, Chairman Senate Committee on Energy and Natural Resources

“I am upset and angered by reports that some gasoline dealers in parts of the country boosted their prices on the basis of rumors and speculation of pending supply shortages in light of yesterday’s horrible terror attacks. “The reality is that oil and gasoline supplies at the moment are plentiful and stable. The Energy Department has told us that there has been no supply disruption to justify price gouging and panic buying. Additionally, the American Petroleum Institute reports that fuels are flowing normally to wholesale and retail markets throughout the United States, that gasoline and diesel fuel inventories are adequate to meet demand, and that refinery production remains strong. “I am calling on the Federal Trade Commission, the Justice Department, the Energy Department, state consumer organizations and others to vigorously monitor this situation, and to prosecute any service station owner who tries to use this national tragedy to take advantage of motorists by unjustifiably increasing the price of gasoline.” # # #