Gasoline Price Changes and the Petroleum Industry: An Update. FTC Staff Study

摘要

Between early September 2010 and late June 2011, crude oil and gasoline prices increased sharply. During that time the U.S. weekly average gasoline price increased $0.89 per gallon, from $2.68 to $3.57. These higher prices had a significant impact on U.S. consumers, potentially costing the average U.S. household around $60 per month. Since consumers reduce gasoline consumption by relatively small amounts as gasoline prices increase, that is around $60 less that consumers can save or spend on other goods each month, or about 1.5% of their average monthly expenditures, a significant amount for American families, especially in todays economy. Even though prices have fallen somewhat from their high in the spring, they remain high by historical standards. Because of the importance of energy prices to U.S. consumers, the Federal Trade Commission (FTC) has long had strong policy and enforcement interests in competition in the petroleum industry. In 2004 and 2005, the FTC published two reports that looked at general trends in the industry. This Report builds on those and focuses on gasoline prices and on changes in the petroleum industry between 2005 and early 2011. In June 2011, the FTC also opened an investigation relating largely to refineries to determine whether certain petroleum market participants have engaged or are engaging in anticompetitive, manipulative, or fraudulent practices that may violate the laws the Commission enforces, potentially allowing them to raise prices for American consumers.