Demand, Not Gouging, Caused Gas Price Hike: FTC

Law360, New York (September 4, 2007, 12:00 AM EDT) -- The dramatic nationwide spike in gasoline prices in 2006 was primarily due to increasing demand at the pump, not to price-manipulation, the Federal Trade Commission said in a recent report, echoing its findings from the previous year.

The Commission decided in a 4-1 vote to approve the new report on the factors that contributed to soaring gas prices in 2006, and sent a letter to President George W. Bush detailing its results on Thursday.

Average gasoline prices during the spring and summer of 2006 reached levels...
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