FTC to probe high fuel prices

WASHINGTON, May 19 (UPI) -- The Federal Trade Commission will investigate the record high fuel prices facing U.S. consumers, Sen. Dick Durbin, D-Ill., said Monday.

The FTC investigation comes at the behest of Durbin, who noted on his Web site the "record-breaking prices are coming at time when the oil industry is reporting record-breaking profits."

Durbin said he was pleased the FTC was undertaking the investigation, which he asked for in a letter sent to the agency last month. The commission announced the investigation Monday during its annual budget hearing before the Senate Appropriations Financial Services and General Government Subcommittee chaired by Durbin.

"We must ensure that American consumers are not falling victim to price-gougers and profiteers," he said.

At the pump, the national average price of unleaded gasoline Monday was $3.793, the AAA's Daily Fuel Gauge Report indicated. The highest prices were reported in Chicago where pump prices averaged $4.07 per gallon for unleaded.