On the energy ball: FTC Chairwoman Deborah Majoras
FTC subpoenas US supermajors
The Federal Trade Commission (FTC) said it will finish an investigation into alleged gasoline price manipulation and oil refining capacity constraints by next spring, the agency's head told a US Senate hearing today.
The FTC has subpoenaed ExxonMobil, Chevron, ConocoPhillips and the US units of BP and Shell in an ongoing gasoline price probe, the commission's chairwoman Deborah Majoras said.
Top executives from the five companies today testified at a hearing on energy profits held by the Senate's energy and commerce committees.
"The commission ... anticipates reporting to Congress on the findings of this investigation next spring," she said.
"If there is anti-competitive behaviour going on between and among these gasoline companies, we'll find that and we will prosecute," Majoras added.
The FTC probe was ordered by Congress last summer as part of an energy Bill that included $14.5 billion in industry incentives. Lawmakers tacked on the provision due to a hike in crude oil and gasoline prices throughout 2005.
Also included in the probe are US operators of pipelines, refineries and terminals, Majoras told Reuters.