.
Feedback

Feinstein Blames Gas Prices on 'Illegal Collusion' by Oil Companies

Sen. Dianne Feinstein accuses oil companies of engineering the current spike in gas prices. She calls on the Federal Trade Commission to take action.

On Sunday, California's senior senator charged that California's record gasoline prices may be the "results of an illegal short squeeze'' engineered by the handful of companies that refine gas here.

In a letter to the Federal Trade Commission, Sen. Dianne Feinstein, cited news reports that said Tesoro Corporation -- whose refinery in the South Bay went down for maintenance -- was taken advantage of by other gas suppliers "either through collusion or the use of market power.''

"Publicly-available data appears to confirm that market fundamentals are not to blame for rising gas prices in California,'' the California democrat wrote in a letter to FTC chairman Jon Leibowitz.

Feinstein also called on the FTC to monitor energy price and production data gathered by other government agencies, to watch for "fraud, manipulation or other malicious trading practices.''

She also urged the FTC to establish a permanent gas and oil oversight market committee, similar to the Federal Energy Regulatory Commission's oversight of the natural gas and electricity markets.

Feinstein said "California consumers are all-too-familiar with energy price spikes which cannot be explained by market fundamentals, and which turn out years later to have been the result of malicious and manipulative trading activity.

She reminded the FTC of past frauds, like the 2000-2001 electrical crisis, which turned out to have been caused by market manipulation by Enronand other traders. That fraud cost the state an estimated $40 billion, caused rolling blackouts, and is cited by some historians as having cost Gov. Gray Davis his political career.

TELL US WHAT YOU THINK IN THE COMMENTS

Does the spike in gas prices seem like part of the normal market fluctuation, or do you think California consumers are being fleeced?


Anon October 8, 2012 at 12:33 pm
Look at Dianne and Jerry trying to make it look like they care.
Net Kit. October 8, 2012 at 04:41 pm
Way to go Dianne! At least one person up there has figured this out. BIG OIL COLLUSION. They are probably worse than any big banksters and wallstreet mobsters.
robert blackmen October 8, 2012 at 09:42 pm
There all crooks and we have to pay to drive just to feed are family. Prices keep going up but the pay stays the same?what a joke
BK October 8, 2012 at 09:58 pm
I don't know if anyone saw on the tube the other day before the Hugo Chavez was reelected His statement was that the reason they can fill a Ford Expedition from bone dry for $3.00 is because the Americans are paying for them to be able to do so. I am not speaking $3.00 per gallon, but $3.00 from bone dry for the entire tank. They are the fourth largest exporter of oil to America. We should just cut the off and do our own thing. Why we are so afraid of doing that is beyond me. We have the technology and the ability to be self sufficient but we choose to not do it.
tweetledee October 9, 2012 at 08:58 am
Jerry Brown is freaking out because his tax increase thats on life support is definetly not going to pass now...Boo Hoo Jerry..and Diane is worried because she running for re-election, Yeah probably collusion on the part of big oil companys but they wont get proof of it,The state allowed someone to figure out how to manipulate the regulation they put in place because we have too many of them..We need to Drill baby Drill, And kick out the Democraps.......
Elsinore 33 October 9, 2012 at 11:05 am
Diane Feinstein has done nothing but ruin California, our military bases have closed, no off shore drilling, water diverted from the San Joquin valley turning a once fertile valley into a wasteland, and too many illegals who we pay for in welfare and she reaps the benefit in votes. It's all about votes for barbara, as far as she is concerned if she wins at any cost it is worth it, and our way of life in California is turning to crap at a fast pace. We aren't all rich like her friends in San francisco, and by the way have you visited SF lately, it has taken a turn tfor the worse. Strung out kids on speed and tons of very rough looking in your face homeless are everywhere, it is a dangerous city to visit, especially at night. I used to love CA until Barbara's far left policy has finally broken us.
TVOR October 9, 2012 at 11:27 am
This is simply a political maneuver designed to make the old bag look good at election time. There have been "investigations" before but never any action. I wonder why............
Lash LaRue October 9, 2012 at 12:37 pm
To vote for a Democrat is to vote for the KKK and the Communist party.
The Democrats voted in mass against the Civil Rights act and the KKK was a branch of the Democrat Party Sen Robert Byrd was a grand Dragon of the KKK. Todays Democrat party is a wing of the Communist Party that is why they showed Soviet Era battleships at the convention in North Carolina. The first grand wizard of the KKK was honored at the 1868 Democratic National Convention, no Democrats voted for the 14th Amendment to grant citizenship to former slaves and, to this day, the party website ignores those decades of racism, Three years after Appomattox, the 14th Amendment to the U.S. Constitution, granting blacks citizenship in the United States, came before Congress: 94 percent of Republicans endorsed it. The records of Congress reveal that not one Democrat either in the House or the Senate voted for the 14th Amendment.Three years after the Civil War, and the Democrats from the North as well as the South were still refusing to recognize any rights of citizenship for black Americans. South Carolina Gov. Wade Hampton at the 1868 Democratic National Convention inserted a clause in the party platform declaring the Congress' civil rights laws were "unconstitutional, revolutionary, and void." It was the same convention when Gen. Nathan Bedford Forrest, the first grand wizard of the KKK, was honored for his leadership.
jill smith October 9, 2012 at 12:46 pm
Four more years of Obama and we will see allot more broken homeless people.
Lyn October 9, 2012 at 12:54 pm
What's your model state: Alabama, Mississippi?
Tom October 9, 2012 at 06:18 pm
Love how the politicans ALWAYS point to boggie men. Big Oil, Wall Street, Millionaries and Billionaires. They can never take responsibility for the laws and regulations that they create and the negative impacts of them. When is the last time we have built a refinery in this State? We cant get gas from other states because we have to have special gas. It's pure madness and whats worse is so many people buy into their lies. I would love to see Diane voted out in November, but I know that will never happen. I guess we in CA. will have to suffer a lot more before people start to wake up to what they are doing to us. If you think gas prices are high now, just wait until AB 32 in fully enatcted.
Diana October 9, 2012 at 06:25 pm
It's time for Californians to take this State back, vote them out!!!!!!!!!!!!!
Lash LaRue October 10, 2012 at 03:28 pm
http://www.westcentralmoinfo.com/10-10-Bank-Accounts-Beware-/14483428
We wanted to get the word out for everyone to check their bank accounts. I was shocked yesterday to see in our bank statement that $950.00 was taken from our Clinton Youth Baseball account and given to Obama for America. Peoplesmart.com is somehow connected because they withdrew money and then re-deposited it the same day. We have filed a complaint with the Missouri Attorney General but are concerned for others as some may not check their accounts regularly. If it can happen to our Youth Baseball it can happen to anyone. Thanks! Cindy Wirsig

Newsletter & Alerts

Get the best stories each day and important breaking news

Subscribe

Not from Lake Elsinore-Wildomar Patch? Find your Local Patch »

Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors. Write a new post... What's up? Make an announcement, speak your mind, or sell something
LAKE ELSINORE RESIDENT June 19, 2013 at 09:39 am
Thanks for the link on Temecula guitarist murder suspects' sketches released
Martha L. Bridges June 19, 2013 at 10:12 am
Somewhere deep in the General Plan Guidelines are references to how often both the plans and theRead More various studies that support the General Plan EIR should be updated. If you think about the rapid growth Riverside County has experienced over the last couple of decades, it is just plain good common sense to require these updates if the document is to remain serviceable. 2003 versions are now 10 years old, and many of the supporting studies in the EIR are even older. It's bad enough when a city or county is forced to work with an old plan, but it is far worse not to have adopted any plan at all. It's much like getting into the car without any sense of direction - let alone a map or GPS.
American Residential Services
LAKE ELSINORE RESIDENT June 19, 2013 at 09:54 am
ADS Plumbing Inc 31875 Corydon St Ste 140 Lake Elsinore, CA 92530 (951) 245-6111
Martha L. Bridges June 19, 2013 at 10:23 am
Doesn't this sound like a very long, unpaid for advertisement for goods and services for sale? AlsoRead More here we are in the tail end of June, so most homeowners have already checked things out and had the equipment tuned up for the high summer heat.
Bd June 17, 2013 at 11:14 am
It would be hard to prove a negative. Are you insinuating that the money for additional policeRead More protection was wasted? Seems like simple logic to me that increased police presence over time would result in less crime, which would in-turn lead to more tourism, which would bring in more money for the City. Laguna Niguel is ranked every year as one of the safest cities in the U.S. Since there's so little crime there, why do they waste their money on any police at all???
LAKE ELSINORE RESIDENT June 17, 2013 at 12:45 pm
I want to see more cops on the street and I want to know if there was less crime.. I think weRead More need more police and I believe the PSAC is a waste of money, money which could go towards more police (no matter how small).
lotsahelp June 18, 2013 at 04:07 pm
Maybe when the week is over they can give you an answer... "There will be more deputies onRead More patrol in Lake Elsinore during the week of June 17-23, a sheriff’s sergeant is reporting. The beefed up patrols come as Lake Elsinore readies for increased summertime traffic. “As part of the city of Lake Elsinore's commitment to public safety the Lake Elsinore Police Department will be deploying additional units to enforce distracted driving, seatbelt violators, drinking and driving, as well as other traffic laws, the week of June 17-23,” according to a news release from Sgt. Peter Giannakakos, who serves out of the Lake Elsinore Sheriff’s Station."
American Girl June 17, 2013 at 04:56 pm
EVMWD rates are a crime! Take those darn pensions away and lower our rates. Over paid slackers!
Kevin Jon Sax June 18, 2013 at 10:59 am
Bobby Swann and John Lloyd are fantastic people. AND they are assets to the city. I'm glad and proudRead More to associate with them. --Kevin, Wildomar citizen
LAKE ELSINORE RESIDENT June 18, 2013 at 12:48 pm
Who is this nut job?
lotsahelp June 18, 2013 at 08:27 pm
Typical ler....you really know how to communicate effectively.
Ken Mayes June 15, 2013 at 06:55 am
The city is so excited they forgot to put this event on the cities website.
Rose Vicente June 15, 2013 at 09:16 am
Why not a parade in the streets?
Martha L. Bridges June 15, 2013 at 07:20 pm
Rose, we've had five years of having celebrations large and small with all the trappings ofRead More city-hood that Bridgette Moore could conjure up - right down to spending money the city didn't have to purchase monogrammed M&M. I suggest it's time to ring the bell and then get back to the real work of running the city. That would include doing the essential foundational work that has been skipped over in favor of window dressing and nonsense for the first five years.
scott osborne June 13, 2013 at 12:07 am
not to mention the day before someone hit a parked car on the same street, don't worry police showedRead More a good 50 min later, Wildomar needs a discount from the sheriffs dept for sure
Toni McAllister (Editor) June 12, 2013 at 05:02 pm
Yes ... Thanks for the reminder Tammi ...Read More http://lakeelsinore-wildomar.patch.com/groups/schools/p/lakeside-high-school-pool-open-to-public-through-aug-2
Barbara Dye June 13, 2013 at 12:02 am
Thanks Toni. I was just going to leave Tammi a comment about it.
BLUESGUITAR777 June 11, 2013 at 10:16 am
That place is weird. Cult like almost in their practices. The holding out the last note of everyRead More worship song to "invoke the spirit" is just totally unnecessary. I was glad to leave.
lotsahelp June 6, 2013 at 12:34 pm
TY for catching this!!!
Jeff Greene June 8, 2013 at 09:57 am
To be clear, Supervisor Jeffries is not yet in support of charging for parking at the hospital, butRead More supported Supervisor Stone's request to have it evaluated, and is willing to consider it based on the results. In his quotes that day he mentioned that when Kaiser started charging for their new structure, they almost immediately changed their mind because the response was so negative. Supervisor Jeffries' main interest in supporting a study of all the county's parking facilities was to determine whether we could save money on the parking structures we already charge for by going to an automated system, rather than staffing it full time with multiple county employees. We have been told that we are actually losing money on the fees we collect for parking, and if that is true, we want to either switch to a cheaper collection system or eliminate the fees entirely.
Chris Twining June 13, 2013 at 12:55 am
Let's hope not. Charging for parking, especially at a hospital, is disgusting to say the least. IRead More got an idea. Let's see if just one elected official can so SOMETHING!!! other than sitting around trying to figure out more and more ways to separate us from our money. Do you have a clue as to what's going on around you? Do you get out of bed in the morning? turn on the TV? go outside? You are 10 years too late. That kind of thing from elected politicians is over. Stop trying to raise money. There are so many things out there you could be doing to make a good name for yourself, and 99% of those things involve cutting spending. Get to the bottom of some things. Imagine how people would react to that. They would swarm at your feet and hold you in high regard. And if you ever find yourself in the hospital, I will gladly come visit you as long as I dont have to pay to park.