A powerful House Democrat wants the Federal Trade Commission to find out if market manipulation is boosting California gasoline prices, which soared a half-dollar per gallon in the last week.

Tuesday’s letter from Rep. Henry Waxman (D-Calif.) to the FTC boosts political pressure on regulators to probe prices that, according to AAA, jumped 49 cents in a week to a current average of $4.67-per-gallon for regular gasoline.

“A decade ago, market manipulation by Enron sent California’s electricity prices soaring. While we do not know whether this is a parallel situation, we must make sure California consumers are protected,” writes Waxman, the top Democrat on the House Energy and Commerce Committee.

“That is why I am requesting an independent investigation by the FTC that examines the causes of the current gasoline price spike in California,” adds Waxman, who is a key ally of House Speaker Nancy Pelosi (D-Calif.).

Link to original article / Continue Reading...

E2 Wire is The Hill's Energy and Environment Blog.