A PYMNTS Company

U.S.: Feinstein accuses oil companies of collusion

 |  October 8, 2012

Dianne Feinstein, California’s senior senator charged that California’s record gasoline prices might be the “results of an illegal short squeeze” by the handful of companies that refine gas in the area. He has called on the Federal Trade Commission to take action. In a letter to the FTC, Feinstein cited news reports that said Tesoro Corporation, a refinery in the South Bay area that went down for maintenance, was take advantage of by other gas suppliers through an ‘illegal collusion’ abusing the use of market power.

Full Content: Languna Niguel Patch

Related Content: Detection and Compliance in Cartel Policy

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.