Office of the Attorney General
Attorney General Stumbo Investigating Current Gas Price Spike
Kentucky Attorney General Greg Stumbo announced today that his Office of Consumer Protection has issued a new investigative subpoena to Speedway in response to yesterday’s gas price spike.
“Yesterday’s retail gas prices shot up while wholesale prices fell,” said Stumbo. “Today we have sent subpoenas for Speedway stores across Kentucky requiring explanation of this price spike. Speedway is a trendsetter in gas pricing across the Commonwealth.”
Speedway’s gas prices today are ranging from $2.99 to $3.19 per gallon in Kentucky.
The Attorney General’s Office of Consumer Protection is also continuing its examination of wholesale pricing by major petroleum refiners. “The root problem of excessive gas pricing is not limited to the retail market,” Stumbo said. “Price gouging by refiners must be addressed head on.”
On Tuesday, August 1, 2006, Attorney General Stumbo announced his Office reached a statewide settlement with eleven petroleum marketers for $47,500 following an extensive investigation into allegations of gas price gouging. Furthermore, Stumbo announced that a lawsuit has been filed against Mar Rob, Inc. in Scottsville.
The Office’s investigation into gas price gouging began after Hurricane’s Katrina and Rita in August, 2005. At that time, Attorney General Stumbo called upon Governor Fletcher to declare a State of Emergency to put the price gouging law, KRS 367.374, into effect.
Under Kentucky’s Price Gouging law, passed in 2004, no supplier of essential consumer products, including gas, can sell it for a price grossly in excess of that charged prior to the declaration. The Attorney General’s investigation found that the eleven petroleum marketers excessively increased prices to obtain windfall profits during the state of emergency.
Consumers who suspect price gouging can email their complaints to the Attorney General’s Office of Consumer Protection at email@example.com.