- Post 11 October 2012
- By Nicolas Loris | The Foundry
California’s nation-high gas prices are receiving national attention. The price of $4.67 per gallon, an increase of about 50 cents in the past week, is 86 cents higher than the national average.
Representative Henry Waxman (D–CA) and Senator Barbara Boxer (D–CA) are quick to speculate about market manipulation and are calling for the Federal Trade Commission (FTC) to investigate the price spike. But markets are working, not manipulating. Several factors are contributing to higher prices in the Golden State, including supply disruptions, tight markets, and government-driven factors such as high state taxes and stringent boutique fuel requirements. ... continues...