“Gas Prices: How Are They Really Set?” Part 1

The Permanent Subcommittee on Investigations has scheduled two days of  hearings on the Subcommittee’s ten-month investigation into gasoline prices.  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 will explore how gasoline prices are set and why they have become so volatile.