API: FTC gasoline price inquiry exonerates industry

A US Federal Trade Commission report "exonerates" the oil industry of allegations that it sought to drive up Midwest gasoline prices last summer, the American Petroleum Institute contends.API Pres. and CEO Red Cavaney said, "This finding joins the list of past government investigations that have exonerated our industry-and it vindicates the thousands of men and women who worked around the clock to rush fuel from other regions to help meet Midwest demand," Cavaney said in a press briefing late last month.FTC capped a 9-month investigation with a report stating that it found no "credible" evidence of collusion or antitrust behavior by oil companies in the gasoline price spikes last spring a...

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