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West coast senators call for investigation of California's price spikes

GasBuddy Blog -- Six U.S. senators have called for the U.S. Justice Department to investigate whether market manipulation by West Coast oil refiners contributed to a price spike in May and October that sent gasoline prices to record highs above $5 per gallon.

Reuters reported Tuesday that the senators want the Justice Department to conduct a "refinery-by-refinery probe" and subpoena records from California refineries to see whether public reports of maintenance shutdowns were accurate. Two of the state's largest refiners are Valero Energy Corp and Tesoro Corp.

"We are requesting a Department of Justice investigation of possible market manipulation and false reporting by oil refineries, which may have created a perception of a supply shortage...


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Submitted Nov 28, 2012 By: PD
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REPLIES (newest first) Post a Reply
Radicalrose
Sophomore Author Modesto

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Message Posted: Dec 4, 2012 6:26:16 PM

It's about time since Calif has the highest prices in the natin.....
honda0105
Champion Author Tallahassee

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Message Posted: Dec 1, 2012 11:19:12 PM

probably going to be tax payer money being wasted and nothing will come about.
honda0105
Champion Author Tallahassee

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Message Posted: Dec 1, 2012 7:26:11 AM

not the first time CA sees price hikes. Electricity, water, fuel... everything's higher and spikes in prices when demand rises.
jrs4125
Champion Author Indiana

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Message Posted: Nov 30, 2012 5:37:48 AM

Can you say enron?
MAC48
Champion Author Dallas

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Message Posted: Nov 29, 2012 11:59:42 PM

Another circus act by six clowns posing as US senators to feed the frenzy of their constituents who see dark deeds of others as responsible for the gas price spikes in California. These same consituents do not credit the unreasonable regulatory requirements for gasoline formulations that apply only to California as the culprit. Amazing insight.
glorioussnookie
Champion Author Tennessee

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Message Posted: Nov 29, 2012 6:29:33 PM

So glad to hear an investigation is going to be done! Total greed on the oil companies part!
Wsamson7121
Champion Author San Jose

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Message Posted: Nov 29, 2012 5:31:38 PM

I am glad that the senators are looking into the issue. And that among the many senators, two of those elected officials are California’s senators. I say that there was indeed market manipulation from the refineries. I say that if it is proven true and I think that the end result is that it is true, then the refineries should pay up. And offer a discount at the pumps.
Meridethkun
Sophomore Author Ontario

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Message Posted: Nov 29, 2012 4:03:10 PM

So not going there.
snappytom2
Champion Author Corpus Christi

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Message Posted: Nov 29, 2012 3:03:13 PM

You don't think that the greed driven big boys would manipulate anything, do you?
Cheepo
Champion Author Tampa

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Message Posted: Nov 29, 2012 3:01:40 PM

How about investigating government spending, i have to live within my means, so should they!!!!!!!!!!
rodzilla123
Champion Author San Diego

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Message Posted: Nov 29, 2012 12:55:18 PM

Yea Right!!! In a Legislature with a Supper Majority of LIBERAL DEMOCRATS, dose anyone think this is "REALLY" going anywhere???? I mean "REALLY", "REALLY"?????
Grismer
Champion Author Kitchener-Waterloo

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Message Posted: Nov 29, 2012 12:51:20 PM

Not another inquiry?
TopGunn
Champion Author Baltimore

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Message Posted: Nov 29, 2012 12:48:36 PM

Big oil does what it wants - anywhere.
BeaconLite
Champion Author Ottawa

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Message Posted: Nov 29, 2012 12:48:05 PM

If ever those prices were rigged, but the greedy bunch in jail and throw away the key.
caddilac
Champion Author Ontario

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Message Posted: Nov 29, 2012 12:47:35 PM


"Investigations" usually lead to nothing being done.

They "investigate" and life goes on as before.

[Edited by: caddilac at 11/29/2012 1:49:21 PM EST]
splitrman
Champion Author Victoria

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Message Posted: Nov 29, 2012 12:45:55 PM

They all control prices that have little to do with supply. Global needs control price.
jpj23
Champion Author Los Angeles

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Message Posted: Nov 29, 2012 12:43:37 PM

You're not going to surprise me if they discover that the pricing system is all rigged.
pecos
Champion Author Columbus

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Message Posted: Nov 29, 2012 12:40:48 PM

They should all be investigated.
firechief
Champion Author New York

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Message Posted: Nov 29, 2012 12:38:24 PM

It's not just the west coast
ace12012
Champion Author Phoenix

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Message Posted: Nov 29, 2012 12:33:32 PM

read it before.
Panama Red
Champion Author San Diego

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Message Posted: Nov 29, 2012 12:32:46 PM

old article
19sheldon43
Champion Author Los Angeles

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Message Posted: Nov 29, 2012 12:28:47 PM

I say, save the money of an investigation. Don't pass go, go directly to jail. All they have to do is look at their profits
hallows
Champion Author St. Louis

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Message Posted: Nov 29, 2012 12:28:30 PM

Yeah...yeah...yeah!
AuburnTim
Champion Author Indiana

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Message Posted: Nov 29, 2012 12:28:21 PM

Why waste more money on investigations that these companies just pay off these elected officials in one way or another. No investigations ever turn up anything because of these pay offs not that wrong doing illiegal actions were committed.
flyfast
Champion Author Kansas City

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Message Posted: Nov 29, 2012 12:28:07 PM

they need to look at what they have do
Minutefan
Champion Author Springfield

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Message Posted: Nov 29, 2012 12:26:51 PM

grandstanding...where were they in May?

The market has been manipulated all across the country, IMO. Why else are prices so high now? Today's inflated proces are certainly not a function of supply and demand.
CAD69
Champion Author Milwaukee

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Message Posted: Nov 29, 2012 12:26:10 PM

What about gas pricing across the whole country?
dabuzman
Champion Author Seattle

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Message Posted: Nov 29, 2012 12:24:57 PM

We'll not get nothing back. If they do fine then and make then reduce the cost for the same amount & length of time they raised the price so consumers get some thing back.
No1ConMan
Champion Author Memphis

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Message Posted: Nov 29, 2012 12:23:43 PM

Great, another study. They solve soooo much. Subterfuge!
reff5577
Champion Author Illinois

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Message Posted: Nov 29, 2012 12:23:42 PM

YEAH RIGHT & FOLLOW THE YELLOW BRICK ROAD TO THE WIZARD!!!
MDTDriver
Champion Author California

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Message Posted: Nov 29, 2012 12:22:38 PM

Do not hold your breath on this one.
CheckitoutGuy
Champion Author San Diego

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Message Posted: Nov 29, 2012 12:22:36 PM

THey will all need to meet in an expensive resort for a few days to study the quesiton and come back to no solutionsville.
ItisAJeepThing
Champion Author Tucson

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Message Posted: Nov 29, 2012 12:21:22 PM

Senators, stay in Washington DC and work on the budget.
mechev4020
Veteran Author Miami

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Message Posted: Nov 29, 2012 12:20:11 PM

excelent go for them
skysteve1
Champion Author Victoria

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Message Posted: Nov 29, 2012 12:19:41 PM

Very good, we have to cut this gouging out
GreenLegend
Champion Author Raleigh

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Message Posted: Nov 29, 2012 12:15:28 PM

If there is evidence of collusion and/or monopolistic behavior, then yes, investigate.
AmbuDriver
All-Star Author San Bernardino

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Message Posted: Nov 29, 2012 12:15:08 PM

Too little. Too late. Too bad.
TXryder
Champion Author Texas

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Message Posted: Nov 29, 2012 12:13:35 PM

Do not be fooled. They are just putting on a show for their supporters and voters like Obama did once when gas prices were spiking way over $3.

Our federal gov should had done something about these spikes when it first got out of control while under Bush. There is no investigation needed. It is already known what is continually happening. It is criminal and we got a federal gov that half of them approves of it and the other half act like they cannot do anything about it but shove alternate energy down our throats.
WaWanderer
Champion Author Washington

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Message Posted: Nov 29, 2012 12:13:32 PM

This will cost us before their done.
vjs3
Champion Author Denver

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Message Posted: Nov 29, 2012 12:13:22 PM

Hmm, I'm not sure what they'll find...
Lenguado
Champion Author Orlando

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Message Posted: Nov 29, 2012 12:11:05 PM


Blah Blah Blah BLOWHARDS.

Elections Have CONSEQUENCES. OWN IT!!!!

Bud122CA
Champion Author California

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Message Posted: Nov 29, 2012 12:09:47 PM

This should not be just Calif. It's nation wide
camaro_man
Champion Author Kitchener-Waterloo

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Message Posted: Nov 29, 2012 12:09:24 PM

not good
gumbyrex
Champion Author Fresno

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Message Posted: Nov 29, 2012 12:07:55 PM

The senators need to concentrate on cutting govenment spending and reining in entitlements.
bigdipperMS
Champion Author Mississippi

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Message Posted: Nov 29, 2012 12:03:50 PM

This is a big bunch of bull hockey and if implemented will only cost taxpayer's more money and delay more important things our Justice Department should be investigating. This industry is so over regulated that all of the cost imposed on refineries will be passed on to the consumer. As far as competition is concerned, there wont be any until the industry is allowed to build new refineries.
Janetique
Champion Author Virginia Beach

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Message Posted: Nov 29, 2012 12:03:42 PM

more bureaucratic babble...
joeschmo12
Champion Author New York

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Message Posted: Nov 29, 2012 12:03:08 PM

that'll scare them. lol
5Golfer8
Champion Author Tucson

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Message Posted: Nov 29, 2012 12:01:49 PM

Its time to make the greedy and the dictators go away.
Car54BC08
Champion Author British Columbia

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Message Posted: Nov 29, 2012 11:59:32 AM

More campaigning going on
ultm8opie
Champion Author Twin Cities

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Message Posted: Nov 29, 2012 11:58:54 AM

Sounds like some U.S. senators will be getting nice Christmas gifts this December and the formal investigation will find no evidence of market manipulation.
GryphonX
Champion Author Nevada

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Message Posted: Nov 29, 2012 11:58:30 AM

Thank goodness! Let's put some teeth behind this one!

These refineries have ADMITTED to the fact that they curb production in order to jack prices up ...

Since they all do it, it's likely to be collusion, or possibly even RICO ...
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