Executives from several major oil companies testify before a Senate panel today in Washington about gas price spikes, but an Iowa Senator doesn’t expect much to come from the hearing. The Senate’s Permanent Subcommittee on Investigations is looking into the sharp increases in gasoline prices we’ve seen over recent months. The oil companies claim recent mergers, refinery problems and troubles overseas contributed to the spikes. Iowa Senator Chuck Grassley called for investigations months ago and no collusion was found in the price hikes.Grassley makes an observation about how the people comprehend price-fixing. He says many people complain when gas prices take a rapid jump up, but no one complains about the oil companies conspiring when pump prices fall quickly.Grassley says either situation is wrong.
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