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United States Mon May 14, 12:29 pm
Gas price manipulation
A California state Assembly subcommittee says a report on the practices of a major natural gas supplier shows it aggressively manipulated the market to drive up prices for California. The "Chronicle" obtained the report on El Paso Corporation's marketing strategy to dominate operations on a major supply pipeline into the state. The report shows that El Paso then prevented other shippers from sending gas to California from the Southwest starting early in 2000. That created a supply crunch which artificially inflated gas prices. El Paso denies the charges, saying there was a genuine gas shortage in California. The Federal Energy Regulatory Commission is investigating the allegations.
-- Rachel Gibson (rgibson@hotmail.com), May 14, 2001
As in the past, the policians are looking for scapegoats. I'll bet they come up with a dead zero nothing on this one, too. No compensation for their own inadequacies.
-- Chance (fruitloops@hotmail.com), May 14, 2001.