Oil Demand Drove Gas Prices, Not Speculation, FTC Says

Law360, New York (September 1, 2011, 6:50 PM EDT) -- The Federal Trade Commission issued a report Thursday putting most of the blame for the recent rise in gasoline prices on shifts in supply and demand for crude oil, not speculation in the futures market.

FTC Chairman Jon Leibowitz called changes in the price of crude oil “far and away the largest factor in gasoline prices” in a statement describing the report. The agency was much less conclusive, meanwhile, when it came to the effect of futures market trading on gas prices, saying analysts had achieved...
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