Pitofsky issued the following statement today on Capitol Hill:
"The high price differential between reformulated and non-reformulated gasoline in the Midwest region has raised significant questions for the FTC that can only be answered by a thorough investigation. The Commission is currently investigating this issue in an expedited manner, and will soon issue subpoenas to gather information to aid this investigation. This investigation will attempt to discern whether inflated prices consumers are seeing at the pump result from any violation of federal antitrust laws.
"There has been strong bipartisan interest in this matter from many members of Congress. I have held several Hill briefings on this issue to provide an update on our investigation, and have told legislators that the FTC will issue a status report on this investigation by the end of the third week of July. I expect that by that time, the Commission will have a better understanding of how and why these price increases came about."
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