Washington, D.C. – The Senate today passed by unanimous consent an amendment endorsed by Energy & Natural Resources Chairman Pete V. Domenici that requires the Federal Trade Commission (FTC) to conduct an immediate investigation into gasoline price-gouging in the wake of Hurricane Katrina.

The amendment, offered by Senator Mark Pryor (AR), would require the FTC to provide an initial report to Congress within 30 days and a final report no later than 180 days after enactment of the Commerce, Justice, and Science appropriations bill.   The investigation includes any company with total United States sales in excess of $500 million, any retail distributor against which formal complaints have been filed, and a comparison and explanation of any change in recent profit level.  This amendment compliments individual state laws by notifying the individual attorney general of any unfair increases in price or market manipulation.

A study on price-gouging and market manipulation by the FTC was also addressed in the Energy Policy Act of 2005.  The amendment adopted today will further expedite the study in light of elevated concerns about price fairness due to Hurricane Katrina. 

Chairman Domenici’s statement: 

I am pleased to have helped on the inclusion of an amendment that will expedite the investigation on potential market manipulation and price gouging in relation to the price of gasoline.  The FTC must closely examine price practices of gasoline during this time of elevating concern after the devastation caused by Hurricane Katrina.  I am proud to work with my colleagues to protect consumers from any potential price gauging.