SENATOR DURBIN AND REPRESENTATIVE SCHAKOWSKY CALL ON FTC TO CONTINUE GAS PRICES INVESTIGATION DESPITE FALLING PRICES AT THE PUMP. SAY INVESTIGATION IS NEEDED TO PREVENT A SIMILAR SITUATION FROM OCCURRING THIS WINTER WITH NATURAL GAS AND HOME HEATING OIL.
SENATOR DURBIN AND REPRESENTATIVE SCHAKOWSKY CALL ON FTC TO CONTINUE GAS PRICES INVESTIGATION DESPITE FALLING PRICES AT THE PUMP
SAY INVESTIGATION IS NEEDED TO "PREVENT A SIMILAR SITUATION FROM OCCURRING THIS WINTER WITH NATURAL GAS AND HOME HEATING OIL"
URGE FTC TO PRESENT PRELIMINARY FINDINGS TO CONGRESS BEFORE END OF JULY
WASHINGTON, D.C. - U.S. Senator Dick Durbin (D-IL) and U.S. Representative Jan Schakowsky (D-IL) today called on Federal Trade Commission Chairman Robert Pitofsky to continue the investigation into possible illegal price gouging by oil companies.
In a letter to Chairman Pitofsky, they wrote, "We are encouraged that prices are dropping. However, it is important that we find the reasons why this price spike occurred, so that we can prevent future gasoline price increases and prevent a similar situation from occurring this winter with natural gas and home heating oil."
Durbin and Schakowsky also urged Pitofsky to present the investigation's preliminary findings to Congress before the end of July.
"Our constituents are waiting for an explanation and we hope to be able to share with them the FTC's preliminary findings as soon as possible," they added in the letter.
They also agreed that if a federal investigation of oil companies imposes fines or restitution from oil companies for recent gas price increases, businesses and families in Illinois should be compensated for their losses.
Below is a copy of the letter to Chairman Pitofsky.
July 14, 2000
Mr. Robert Pitofsky, Chairman
Federal Trade Commission
600 Pennsylvania Avenue, NW
Suite 444
Washington, D.C. 20580
Dear Mr. Chairman:
Since we met with you on June 20 and since your announcement that the Federal Trade Commission has begun a formal investigation into the high gas prices in Chicago and the Midwest, there has been a significant decrease in retail gasoline prices. The out-of-control gas prices in Chicago have dropped by more than 30 cents per gallon at the pump in the past three weeks. While this is good news for consumers, it continues to raise serious questions about what caused dramatic price increases in the first place and possible price gouging by oil companies.
We appreciate your work on this issue and your availability to members of Congress. We are encouraged that prices are dropping. However, it is important that we find the reasons why this price spike occurred, so that we can prevent future gasoline price increases and prevent a similar situation from occurring this winter with natural gas and home heating oil.
We feel confident that, despite this price drop, the Federal Trade Commission will continue its diligent investigation. We hope that you will be prepared to share with us your preliminary findings before Congress adjourns on July 27, 2000. Our constituents are waiting for an explanation and we hope to be able to share with them the FTC's preliminary findings as soon as possible.
Sincerely,
Dick Durbin Jan Schakowsky
U.S. Senator Member of Congress