Washington, May 13—The Senate today ordered an investigation into the increases in the prices of gasoline.
Senator McKellar, Tennessee, introduced the resolution and it was adopted without a roll call.
McKellar charged that the recent increases, ranging from four to six cents per gallon, and the contemplated increases, indicate a conspiracy among oil producers to gouge the public.
. . . .
“The price of crude oil is at its lowest, the stocks of crude oil are at their greatest in history and yet the price of gasoline is being raised. What other explanation than agreement among the refiners can be given when the situation plainly calls for a competitive market and low prices?” asked McKellar.
“No one can tell where these raises in the price of gasoline will end if we do not take action against the companies responsible. My resolution seeks to bring out what is behind them,” declared McKellar.
Gasoline reserves will reach the stupendous figure of one billion gallons by the end of this month, the Bureau of Mines forecast. This is nearly 250 million gallons more than the previous record, established in May of 1921.
In many parts of the country gasoline is selling at 29 cents, or from 5 to 6 cents above the low of the past Winter. Next Monday an increase of 2 cents per gallon goes into effect in a considerable portion of the Eastern territory.
Several new raises will become effective within the next few weeks, it is understood.
From the front page of The Charlotte News, May 14, 1922
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