Another Conspiracy Theory Down the Drain

The NYT reports:

WASHINGTON, May 22 — A federal investigation concluded today that rapidly rising gasoline prices over the last year have not been the result of unlawful price manipulation by the industry.

In a report that Congress ordered last summer after price spikes following the hurricanes that struck the Gulf Coast, the Federal Trade Commission said that the sharp jump at the pump was attributable to market forces — namely big drops in supply and production as well as runs on inventories after major damage to refineries, ports and pipelines. The commission found no evidence of price collusion, or improper reductions of inventory or supplies to increase company profits. [emphasis mine]

"The evidence collected in this investigation indicated that firms behaved competitively," the commission said.

Read it here.