Gas Prices: How Are They Really Set? (Day 2)

The Permanent Subcommittee on Investigations held two days of  hearings on the Subcommittee’s ten-month investigation into gasoline prices entitled “Gas Prices: How Are They Really Set?”  In the Spring and early Summer of 2001, most parts of the country experienced a dramatic increase in the price of gasoline.  Numerous consumer groups expressed concern over price gouging.  The oil companies responded that there were problems with supply.  This series of hearings by the Permanent Subcommittee on Investigations explored how gasoline prices are set and why they have become so volatile.

In connection with this hearing, the Subcommittee’s Democratic Staff released a report, “GAS PRICES: HOW ARE THEY REALLY SET.”  The report is available via the link at the top left corner of this webpage.

See PRINTED HEARING RECORD at the top left corner of this webpage.

WITNESS LIST:

PANEL ONE:        
            THE HONORABLE RON WYDEN (D-OR)
            United States Senator

PANEL TWO:    
            THE HONORABLE RICHARD BLUMENTHAL
            Attorney General
            State of Connecticut
            Hartford, Connecticut
                                                
            THE HONORABLE JENNIFER GRANHOLM
            Attorney General
            State of Michigan
            Lansing, Michigan

            MR. TOM GREENE
            Senior Assistant Attorney General for Antitrust
            California Department of Justice
            Sacramento, California

PANEL THREE:      
            MR. PETER ASHTON
            President
            Innovation and Information Consultants
            Concord, Massachusetts

            DR. JUSTINE HASTINGS
            Assistant Professor of Economics, Dartmouth College
            Hanover, New Hampshire

            DR. R. PRESTON McAFEE
            Murray S. Johnson Professor of Economics
            University of Texas
            Austin, Texas

            DR. PHILIP K. VERLEGER, JR.
            President
            PK Verleger, LLC
            Newport Beach, California