Gas prices are up, so, of course, politicians feel the need to ‘Do Something!’ (via Drudge):
Senate Minority Leader Harry Reid on Friday said the Bush administration should require U.S. oil companies to disclose their fuel pricing policies and production costs.
In a letter to the White House, Reid also said the Federal Trade Commission should investigate instances where a state’s retail prices rise 20 percent in any given week “to determine if the price of gasoline is being artificially manipulated.”
Past FTC probes into U.S. oil company pricing policies have found no sign of abuse.
“This one has already being done,” White House spokesman Trent Duffy said. “The FTC and the Justice Department have been keenly watching for this type of activity for the past two years.”
Who will be the first to call for a release of the Strategic Petroleum Reserve? I guess Kerry. This, btw, is just silliness:
Separately, Democratic Sen. Bill Nelson of Florida said the White House should ask oil companies for a voluntary, temporarily freeze on prices that they charge gasoline distributors.
Because, after all, the appropriate solution for a shortage of cheap gasoline is to stop the market forces which reward conservation.