Sunday, September 8, 2019
BC Utilities Commission finds the wholesale gasoline market is not truly competitive
The Whitercok Sun is reporting that "Bruce Ralston, Minister of Jobs, Trade and Technology, has issued the following statement on the BC Utilities Commission’s investigation into gas prices: People feel like they're being ripped off when they fill up at the gas station. And they're right. Today, the BC Utilities Commission found that the wholesale gasoline market is not truly competitive, which results in unexplained higher gas prices for consumers, and potentially higher profits for oil and gas companies."
“This means that British Columbians pay $490 million a year more than they otherwise would. I want to thank the BC Utilities Commission and the experts who participated in this investigation for their hard work and professional conduct. Our government is concerned with the allocation of refined gasoline flowing into B.C., as well as the lack of transparency around how the price of gas is set. We are committed to bringing fairness and transparency to B.C.”
CBC is reporting that "Public inquiry into gas prices in B.C. finds unexplained difference of 13 cents per litre." This is called Price Fixing. Jason Kenney needs to go to jail.
The Georgia Straight is reporting that "The wholesale market for gasoline in B.C. is not truly competitive with high market concentration levels, high barriers to entry, and their ability to influence prices, the report states. Retail market prices can also be controlled by five refiner-marketers. The authors-three BCUC commissioners-concluded that B.C. consumers paid about $490 million per year more than they otherwise would have paid." Now a civil action needs to be launched to recoup those funds and a mechanism put in place so it stops happening.