FTC Steps Up Probe of California Gas Prices

The Federal Trade Commission is stepping up its investigation of California gasoline prices with a new round of subpoenas seeking records that could reveal oil company pricing methods, said a source familiar with the investigation. The commission is one of several regulatory agencies looking into California prices, which rose sharply in February and March and remain higher than the national average. Oil company officials expect the investigation to conclude that the price increase was a result of market forces, not collusion. Chevron acknowledged that it had been notified that it and other oil companies would receive subpoenas. Legal representatives of other oil companies could not be reached immediately for comment.