The Senate Thursday approved an amendment to an energy bill that would include the requirement that the Federal Trade Commission look into allegations of gas price gouging. The amendment, sponsored by Sens. Debbie Stabenow (D-Mich.) and Byron Dorgan (D-N.D.), has received unanimous support. "At the same time that rising gas prices are causing Michigan families to think about curtailing their summer vacations, oil conglomerates are announcing all-time record profits," Stabenow said in arguing for her amendment. She noted that prices this week at one Michigan gas station climbed from $2.10 to $2.35 per gallon within two hours.
The amendment calls for the FTC to investigate whether the high gas prices are the result of reducing refinery capacity or another form of market manipulation or price gouging.
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