Soaring Gas Prices Spark FTC Inquiry

June 28, 2000 10:56 AM, EDT

Retail gasoline prices surged above $2 a gallon in the Midwest last week and sparked a Federal Trade Commission investigation into possible price gouging.

The record-breaking prices led at least one state to temporarily suspend its fuel tax.

While Class 8 truck fleets focus on diesel, their primary fuel, gasoline is the predominant fuel for smaller commercial units, such as delivery trucks. Although the retail price of gasoline averaged $1.902 for the Midwest region — $2.003 in areas where reformulated gasoline is required — Chicago service stations were charging as much as $2.50 a gallon for regular gasoline.

The diesel average also spiked in the Midwest, where the 2.5 cent-a-gallon jump was twice that of the national increase. The national average for diesel rose 1.2 cents to $1.423 as of June 19, according to the Energy Information Administration.

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