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Friday, May 26, 2006

Shocked Again - by gadfly

Good round up here of the FTC investigation into the oil companies recent profiteering. Of course they were found innocent of any untoward behavior, by a bought and paid for partisan. --pseudolus
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Guess what? The FTC has given the oil companies a clean bill of health, insofar as price gouging. To quote Claude Rains' character (Captain Renault's) famous remark in the film “Casablanca,” I was shocked, shocked that George Bush's FTC would give the oil industry a pass on the way it's been screwing the American public. The FTC has succeeded in telling the American public that, when it comes to gasoline pricing, if something looks like gouging, feels like gouging, and acts like gouging, it isn't gouging.
 
The FTC, in its report issued on May 22nd, found no anti-competitive, collusive or manipulative activity by the oil companies in the runup of gasoline prices following Hurricanes Katrina and Rita. (The 222 page report is here (.pdf): a summary is here. Of course, this comes from the same agency that allowed the mega mergers in the oil industry which have, themselves, destroyed competition (.pdf) in that industry.
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