NATSO submitted a letter on April 5 to the House Energy and Commerce Subcommittee on Oversight and Investigations offering information on the retail fuels industry, including how fuel is priced. The Subcommittee is convening a hearing on April 6 to examine rising gas prices and executives from a variety of oil and gas companies will be testifying at the hearing.
In its letter to the Subcommittee, NATSO explained that fuel retailers are purchasers of fuel and gas prices reflect retailers’ changing costs.
“Given the transparency and competitiveness of fuel pricing, fuel retailers are “price takers” when they buy fuel in wholesale markets: The market sets the price and retailers compete on optimizing purchasing and inventory management as well as speed and quality of service,” NATSO said.
NATSO further offered evidence that crude oil prices are passed through over time and advocated for a legislative change to permit E15 to be sold year-round throughout the country and reforms to credit card swipe fees to help assuage rising fuel prices.
NATSO was joined by NACS and SIGMA in sending the letter to the Subcommittee.
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