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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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Radicalrose Sophomore Author Modesto Posts:125 Points:364,900 Joined:Apr 2011	Message Posted: Dec 4, 2012 6:26:16 PM Ignore Radicalrose Report Abuse It's about time since Calif has the highest prices in the natin.....
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Dec 1, 2012 11:19:12 PM Ignore honda0105 Report Abuse probably going to be tax payer money being wasted and nothing will come about.
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Dec 1, 2012 7:26:11 AM Ignore honda0105 Report Abuse 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 Posts:2,763 Points:592,720 Joined:Sep 2011	Message Posted: Nov 30, 2012 5:37:48 AM Ignore jrs4125 Report Abuse Can you say enron?
MAC48 Champion Author Dallas Posts:1,549 Points:767,755 Joined:Dec 2006	Message Posted: Nov 29, 2012 11:59:42 PM Ignore MAC48 Report Abuse 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 Posts:3,761 Points:699,370 Joined:Feb 2010	Message Posted: Nov 29, 2012 6:29:33 PM Ignore glorioussnookie Report Abuse So glad to hear an investigation is going to be done! Total greed on the oil companies part!
Wsamson7121 Champion Author San Jose Posts:5,943 Points:2,012,745 Joined:Feb 2003	Message Posted: Nov 29, 2012 5:31:38 PM Ignore Wsamson7121 Report Abuse 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 Posts:156 Points:17,030 Joined:Aug 2010	Message Posted: Nov 29, 2012 4:03:10 PM Ignore Meridethkun Report Abuse So not going there.
snappytom2 Champion Author Corpus Christi Posts:3,556 Points:274,995 Joined:Jul 2008	Message Posted: Nov 29, 2012 3:03:13 PM Ignore snappytom2 Report Abuse You don't think that the greed driven big boys would manipulate anything, do you?
Cheepo Champion Author Tampa Posts:9,889 Points:3,128,005 Joined:Apr 2003	Message Posted: Nov 29, 2012 3:01:40 PM Ignore Cheepo Report Abuse How about investigating government spending, i have to live within my means, so should they!!!!!!!!!!
rodzilla123 Champion Author San Diego Posts:4,405 Points:1,035,340 Joined:Jul 2008	Message Posted: Nov 29, 2012 12:55:18 PM Ignore rodzilla123 Report Abuse 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 Posts:8,539 Points:1,725,020 Joined:Apr 2008	Message Posted: Nov 29, 2012 12:51:20 PM Ignore Grismer Report Abuse Not another inquiry?
TopGunn Champion Author Baltimore Posts:9,191 Points:2,617,255 Joined:Aug 2004	Message Posted: Nov 29, 2012 12:48:36 PM Ignore TopGunn Report Abuse Big oil does what it wants - anywhere.
BeaconLite Champion Author Ottawa Posts:1,948 Points:371,225 Joined:Sep 2009	Message Posted: Nov 29, 2012 12:48:05 PM Ignore BeaconLite Report Abuse If ever those prices were rigged, but the greedy bunch in jail and throw away the key.
caddilac Champion Author Ontario Posts:16,611 Points:2,141,430 Joined:Apr 2007	Message Posted: Nov 29, 2012 12:47:35 PM Ignore caddilac Report Abuse "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 Posts:1,325 Points:317,515 Joined:Jun 2012	Message Posted: Nov 29, 2012 12:45:55 PM Ignore splitrman Report Abuse They all control prices that have little to do with supply. Global needs control price.
jpj23 Champion Author Los Angeles Posts:5,715 Points:1,100,675 Joined:Jul 2008	Message Posted: Nov 29, 2012 12:43:37 PM Ignore jpj23 Report Abuse You're not going to surprise me if they discover that the pricing system is all rigged.
pecos Champion Author Columbus Posts:7,730 Points:2,113,260 Joined:Jul 2005	Message Posted: Nov 29, 2012 12:40:48 PM Ignore pecos Report Abuse They should all be investigated.
firechief Champion Author New York Posts:3,451 Points:2,067,350 Joined:Mar 2004	Message Posted: Nov 29, 2012 12:38:24 PM Ignore firechief Report Abuse It's not just the west coast
ace12012 Champion Author Phoenix Posts:1,675 Points:325,885 Joined:Apr 2012	Message Posted: Nov 29, 2012 12:33:32 PM Ignore ace12012 Report Abuse read it before.
Panama Red Champion Author San Diego Posts:11,082 Points:2,500,240 Joined:Jun 2004	Message Posted: Nov 29, 2012 12:32:46 PM Ignore Panama Red Report Abuse old article
19sheldon43 Champion Author Los Angeles Posts:3,979 Points:843,010 Joined:Jul 2009	Message Posted: Nov 29, 2012 12:28:47 PM Ignore 19sheldon43 Report Abuse 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 Posts:4,703 Points:2,805,595 Joined:Jun 2004	Message Posted: Nov 29, 2012 12:28:30 PM Ignore hallows Report Abuse Yeah...yeah...yeah!
AuburnTim Champion Author Indiana Posts:6,828 Points:1,559,190 Joined:May 2005	Message Posted: Nov 29, 2012 12:28:21 PM Ignore AuburnTim Report Abuse 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 Posts:9,258 Points:1,827,010 Joined:Jan 2008	Message Posted: Nov 29, 2012 12:28:07 PM Ignore flyfast Report Abuse they need to look at what they have do
Minutefan Champion Author Springfield Posts:3,316 Points:1,247,280 Joined:Aug 2004	Message Posted: Nov 29, 2012 12:26:51 PM Ignore Minutefan Report Abuse 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 Posts:3,211 Points:847,215 Joined:Nov 2010	Message Posted: Nov 29, 2012 12:26:10 PM Ignore CAD69 Report Abuse What about gas pricing across the whole country?
dabuzman Champion Author Seattle Posts:4,467 Points:1,813,035 Joined:Apr 2006	Message Posted: Nov 29, 2012 12:24:57 PM Ignore dabuzman Report Abuse 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 Posts:1,020 Points:215,915 Joined:Sep 2005	Message Posted: Nov 29, 2012 12:23:43 PM Ignore No1ConMan Report Abuse Great, another study. They solve soooo much. Subterfuge!
reff5577 All-Star Author Illinois Posts:816 Points:1,035,565 Joined:May 2007	Message Posted: Nov 29, 2012 12:23:42 PM Ignore reff5577 Report Abuse YEAH RIGHT & FOLLOW THE YELLOW BRICK ROAD TO THE WIZARD!!!
MDTDriver Champion Author California Posts:9,734 Points:2,156,595 Joined:Jul 2006	Message Posted: Nov 29, 2012 12:22:38 PM Ignore MDTDriver Report Abuse Do not hold your breath on this one.
CheckitoutGuy Champion Author San Diego Posts:1,311 Points:769,590 Joined:Mar 2008	Message Posted: Nov 29, 2012 12:22:36 PM Ignore CheckitoutGuy Report Abuse 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 Posts:19,760 Points:2,152,555 Joined:Oct 2006	Message Posted: Nov 29, 2012 12:21:22 PM Ignore ItisAJeepThing Report Abuse Senators, stay in Washington DC and work on the budget.
mechev4020 Veteran Author Miami Posts:305 Points:437,495 Joined:Jun 2011	Message Posted: Nov 29, 2012 12:20:11 PM Ignore mechev4020 Report Abuse excelent go for them
skysteve1 Champion Author Victoria Posts:1,147 Points:377,210 Joined:Jul 2011	Message Posted: Nov 29, 2012 12:19:41 PM Ignore skysteve1 Report Abuse Very good, we have to cut this gouging out
GreenLegend Champion Author Raleigh Posts:1,642 Points:398,775 Joined:Jan 2009	Message Posted: Nov 29, 2012 12:15:28 PM Ignore GreenLegend Report Abuse If there is evidence of collusion and/or monopolistic behavior, then yes, investigate.
AmbuDriver All-Star Author San Bernardino Posts:690 Points:461,080 Joined:Aug 2005	Message Posted: Nov 29, 2012 12:15:08 PM Ignore AmbuDriver Report Abuse Too little. Too late. Too bad.
TXryder Champion Author Texas Posts:2,715 Points:433,705 Joined:Jan 2012	Message Posted: Nov 29, 2012 12:13:35 PM Ignore TXryder Report Abuse 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 Posts:4,342 Points:586,925 Joined:Oct 2011	Message Posted: Nov 29, 2012 12:13:32 PM Ignore WaWanderer Report Abuse This will cost us before their done.
vjs3 Champion Author Denver Posts:2,547 Points:650,890 Joined:Jun 2011	Message Posted: Nov 29, 2012 12:13:22 PM Ignore vjs3 Report Abuse Hmm, I'm not sure what they'll find...
Lenguado Champion Author Orlando Posts:17,705 Points:3,065,015 Joined:Apr 2004	Message Posted: Nov 29, 2012 12:11:05 PM Ignore Lenguado Report Abuse Blah Blah Blah BLOWHARDS. Elections Have CONSEQUENCES. OWN IT!!!!
Bud122CA Champion Author California Posts:7,476 Points:1,607,050 Joined:Jul 2008	Message Posted: Nov 29, 2012 12:09:47 PM Ignore Bud122CA Report Abuse This should not be just Calif. It's nation wide
camaro_man Champion Author Kitchener-Waterloo Posts:2,237 Points:612,020 Joined:Jun 2010	Message Posted: Nov 29, 2012 12:09:24 PM Ignore camaro_man Report Abuse not good
gumbyrex Champion Author Fresno Posts:3,306 Points:760,265 Joined:Mar 2011	Message Posted: Nov 29, 2012 12:07:55 PM Ignore gumbyrex Report Abuse The senators need to concentrate on cutting govenment spending and reining in entitlements.
bigdipperMS Champion Author Mississippi Posts:1,522 Points:538,725 Joined:Apr 2011	Message Posted: Nov 29, 2012 12:03:50 PM Ignore bigdipperMS Report Abuse 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 Posts:1,139 Points:746,640 Joined:Jul 2008	Message Posted: Nov 29, 2012 12:03:42 PM Ignore Janetique Report Abuse more bureaucratic babble...
joeschmo12 Champion Author New York Posts:1,021 Points:307,215 Joined:Mar 2012	Message Posted: Nov 29, 2012 12:03:08 PM Ignore joeschmo12 Report Abuse that'll scare them. lol
5Golfer8 Champion Author Tucson Posts:2,143 Points:301,625 Joined:Jun 2011	Message Posted: Nov 29, 2012 12:01:49 PM Ignore 5Golfer8 Report Abuse Its time to make the greedy and the dictators go away.
Car54BC08 Champion Author British Columbia Posts:4,259 Points:1,511,315 Joined:Jun 2008	Message Posted: Nov 29, 2012 11:59:32 AM Ignore Car54BC08 Report Abuse More campaigning going on
ultm8opie Champion Author Twin Cities Posts:2,204 Points:534,830 Joined:Jan 2011	Message Posted: Nov 29, 2012 11:58:54 AM Ignore ultm8opie Report Abuse 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.