Business Services Industry
Bush Administration Launches Probe of 12-Cent Gas Hike.
Knight Ridder/Tribune Business News, September, 2003
By David Ivanovich, Houston Chronicle Knight Ridder/Tribune Business News
Sep. 4--WASHINGTON--The Bush administration is investigating the price spike that greeted motorists gassing up for the Labor Day weekend.
Regulators from the Energy Department and the Federal Trade Commission are trying to determine whether a 12-cent jump, one-week run-up in pump prices was the product of market forces or some kind of manipulation.
"The nature of this fluctuation struck me as being unusually large and in need of greater explanation," Energy Secretary Spencer Abraham told a House panel Wednesday.
Abraham said administration officials had just launched what he called an "internal inquiry."
"We'll hopefully get some additional...
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