WASHINGTON,
D.C. – U.S. Senator Dick Durbin (D-IL) and U.S. Representative Jan Schakowsky
(D-IL) today called on Federal Trade Commission Chairman Robert Pitofsky
to continue the investigation into possible illegal price gouging by oil
companies.
In
a letter to Chairman Pitofsky, they wrote, “We are encouraged that prices
are dropping. However, it is important that we find the reasons why
this price spike occurred, so that we can prevent future gasoline price
increases and prevent a similar situation from occurring this winter with
natural gas and home heating oil.”
Durbin
and Schakowsky also urged Pitofsky to present the investigation’s preliminary
findings to Congress before the end of July.
“Our
constituents are waiting for an explanation and we hope to be able to share
with them the FTC’s preliminary findings as soon as possible,” they added
in the letter.
They
also agreed that if a federal investigation of oil companies imposes fines
or restitution from oil companies for recent gas price increases, businesses
and families in Illinois should be compensated for their losses.
Below
is a copy of the letter to Chairman Pitofsky.
July 14, 2000
Mr.
Robert Pitofsky, Chairman
Federal
Trade Commission
600
Pennsylvania Avenue, NW
Suite
444
Washington,
D.C. 20580
Dear
Mr. Chairman:
Since
we met with you on June 20 and since your announcement that the Federal
Trade Commission has begun a formal investigation into the high gas prices
in Chicago and the Midwest, there has been a significant decrease in retail
gasoline prices. The out-of-control gas prices in Chicago have dropped
by more than 30 cents per gallon at the pump in the past three weeks. While
this is good news for consumers, it continues to raise serious questions
about what caused dramatic price increases in the first place and possible
price gouging by oil companies.
We
appreciate your work on this issue and your availability to members of
Congress. We are encouraged that prices are dropping. However, it
is important that we find the reasons why this price spike occurred,
so that we can prevent future gasoline price increases and prevent a similar
situation from occurring this winter with natural gas and home heating
oil.
We
feel confident that, despite this price drop, the Federal Trade Commission
will continue its diligent investigation. We hope that you will be
prepared to share with us your preliminary findings before Congress adjourns
on July 27, 2000. Our constituents are waiting for an explanation
and we hope to be able to share with them the FTC’s preliminary findings
as soon as possible.
Sincerely,
Dick
Durbin Jan Schakowsky
U.S.
Senator Member of Congress |