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CNN Today

FTC Launches Investigation into Cause of Gas Crisis

Aired June 21, 2000 - 1:32 p.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

NATALIE ALLEN, CNN ANCHOR: Pricey gas is not a new phenomenon, especially in Europe, but CNN's Dan Ronan reports: Americans are demanding action.

(BEGIN VIDEOTAPE)

DAN RONAN, CNN CORRESPONDENT (voice-over): More than $2 a gallon for gas in Chicago and Milwaukee, $1.70 on the West Coast. Consumers filling up and those people attending a public hearing on gas prices in Chicago are not happy.

UNIDENTIFIED FEMALE: I feel like the prices are really just way too high. They're really jacked up. And I'll be happy when they start going back down again.

ERIC VAUGHN, RENEWABLE FUELS ASSOCIATION: Something strange, fishy, stinky is going on here.

RONAN: The Federal Trade Commission has launched an investigation into why prices in the Midwest are going up so quickly, and if there's been price gouging. The FTC could issue subpoenas to the oil companies under suspicion of collusion by this week.

SEN. DICK DURBIN (D), ILLINOIS: If there is any indication or evidence of criminal activity by anyone involving the oil companies, these cases would be referred to the Department of Justice for prosecution.

RONAN: In one state, Indiana, consumers will be getting a small break. Governor Frank O'Bannon declared an energy emergency, suspending the sales tax on gas starting July 1st for up to 60 days. It could save motorists between seven and ten cents a gallon. But as prices nationwide rise, are consumers cutting back: not really. On an average day, the American Petroleum Institute says U.S. drivers use more than eight million barrels of gasoline.

That number is growing: up three percent in 1997, two percent in 1998, and one percent in 1999. We're also spending more time in the car to get to work: now, on average, nearly 30 minutes one way in most big cities. And more than 55 percent of the oil we use is imported from OPEC and the petroleum producing nations. That figure is also increasing as domestic oil production remains at its lowest level in history. (on camera): The American Automobile Association says it receives dozens of calls weekly from people wanting to cut their fuel consumption, but few customers say they're willing to abandon their big vehicles or cancel a vacation.

Dan Ronan, CNN Financial News, Atlanta.

(END VIDEOTAPE)

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