Description of document: Federal Trade Commission (FTC) Letters to Representative Brian Higgins and Senator Bernie Sanders describing agency investigations of Gasoline prices in Western New York Gasoline during Fall and early Winter 2008

Requested date: 2014 Released date: 2014 Posted date: 07-December-2015 Source of document: Freedom of Information Act Request

Office of General Counsel Federal Trade Commission 600 Pennsylvania Avenue, NW Washington, DC 20580 Fax: (202) 326-2477 Email: FOIA@FTC.GOV Online FOIA Request Form

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a 'f.11

FEDERAL TRADE COMMISSION

'NASHINGTON. 0 C. 20580

\fay 13, 2009

The Honorable Brian Higgins United States House of Representatives Washington, D.C. 205 l 5

Dear Representative Higgins:

You and Senator Charles E. Schumer have requested a public report on the Federal Trade Commission's investigation into unusually high gasoline prices in Western New York during the fall of 2008. Thank you for bringing this important issue to our attention. We share your concern about the impact of high gasoline prices on the day-to-day life of consumers and understand the frustration and hardship that are created when those prices rise significantly above those in surrounding areas without any obvious market explanation, as occurred in this instance. Such situations receive our closest attention.

However, after careful and extensive investigation, FTC staff did not find any evidence ;;\) of illegal activity in gasoline markets in any of the affected cities. To the contrary, staff found

evidence suggesting that it is unlikely that illegal conduct caused these price levels, although staff was unable to identify precise reasons why retail gasoline prices in some cities in Western New York and Vermont did not fall as quickly' as prices in other Northeast cities. Although we are unable to establish any direct relationship, we do note that prices began to fall soon after you raised public concerns about the elevated prices and both you and Senator Schumer asked us to conduct an investigation. This letter describes the scope of the investigation and summarizes the findings of Commission staff, subject to the Commission's obligations not to disclose confidential information. 1

_)

I. Investigation of Unusual Pricing Activity in Western New York

The Commission's ongoing Gasoline and Diesel Price Monitoring Project2 identified retail gasoline prices significantly ahove predicted values in Western New York cities, and in Burlington. Vcnnont, during the foll and early \vintcr of 2008. In response to these ohscn <tlilmS

1 Sec. e.g., 15 U.S.C. **46(t),57b-2; 16C.F.R. *4.ll.

The Ciasolinc and Dicsd Pril'.c \fonitoring Pro1cd is dcsl.'.nhcd at http: \\ \\ \\, tk.gu\ tk oil gas g.1s pn\.'.c htm.

• .

'\. )

The Honorable Brian Higgins - Page 2

and to requests from you and Senator Schumer.' Commission staff conducted an analysis of retail gasoline prices in Western New York and Burlin!:,rton, Vermont, to confirm that prices in those markets were unusually high.

Staff first analyzed whether average retail price levels in the Buffalo. Rochester, and Jamestown, New York, and Burlington, Vermont, metropolitan areas were higher than would be expected, using their normal relationship with Albany gas prices as a baseline . .i Staff analyzed price data for a ten-year period to establish historical differences between average retail price levels in these cities and Albany. This analysis confirmed that average retail gasoline prices in these cities were significantly higher than expected relative to Albany.

Staff then examined whether supply disruptions or other readily identifiable market conditions could explain the unusually high prices observed in the affected cities. For example, refinery disruptions, pipeline interruptions, terminal outages, or transitions to new fuel specifications are common reasons why we might see supply problems and thus higher prices. Staff could identify no such market conditions that fully explained the unusual price levels in Western New York and Vermont last fall.

Consequently, staff opened a law enforcement investigation and coordinated with the Attorneys General of New York and Vermont. This investigation sought to determine whether these high prices resulted from illegal behavior by participants in Western New York and Vermont gasoline markets. 5

When conducting law enforcement investigations of this kind, staff seeks to gain a full picture of the competitive situation, including the identity of firms responsible for setting prices in relevant markets and their market shares, and any evidence of an agreement among market

3 Your requests for an investigation were received by letter to then-Chairman Kovacic dated October 22, 2008; by letter to then-Chairman Kovacic dated December 4, 2008; and during telephone conversations with Commission staff.

.i Staff used Albany price levels as the baseline because that allowed us to directly address the concerns you posed regarding the discrepancies between prices in different cities in New York and nearby areas. Our analysis showed that, with one exception, wholesale price levels in the affected cities and nearby areas maintained their normal relationships with each other and with Albany. The one exception was in Warren. Pennsylvania, where the wholesale price of"unornn<lc<l" (non-hrand-name) gasoline rose rdativc to Alhany <luring the fall of 2008. fhc staff imcstigation condu<lc<l that this increase was not the result of anticompetitive acti\ ity.

' The Commission enforces the Fe<leraJ Tra<lc Commission Ai:t, 15 U .S.C. ~~ 41-58 (whose proscription of unfair methods of competition reaches, among other conduct, violations of the Sherman Act's prohibitions of monopolization. attempts and conspiracy to monopolize, and conspiracies in restraint of trade). and the Clayton Act. 15 U.S.C. ~ ~ 11-.27 (which prohihits a numher of types of anticompetitive condud. including mergers and cH.:qui~itions I ikdy to substantially lessen competition).

)

The Honnrabk Brian Higgins - Page 3

part1c1pants to raise price or restrict output. Rele\'ant infonnation may also include evidence that price levels during the time period under investigation followed a pattern that was inconsistent with patterns in other time periods.

Commission staff and attorneys from the offices of the New York and Vermont Attorneys General interviewed more than 20 companies involved in these markets. including refiners, refined products pipeline operators, tenninal operators, marketers. distributors, and retail station owners. Staff also obtained documents and data from several participants, including station-specific pricing surveys, competitor lists, station location lists, supply contracts, and bulk supply volume data.

Staff also purchased retail and wholesale price data from the Oil Price Information Service and obtained other relevant data from public sources. Staff used these data to analyze wholesale and retail price differentials between Western New York and Vermont communities in different time periods, examining the range of prices at different retail stations in the affected areas last fall relative to other periods, and measuring how quickly prices stabilize, relative to each other.

Through its investigation, staff discovered that no company possessed a monopoly share of any retail gasoline market in Western New York or Vermont, nor was any company large enough to effectively attempt to create a monopoly through illegal means. Further, staff identified no unfair method of competition that could explain how a company or group of companies could have illegally caused the observed price levels last fall. Accordingly, staff's investigation focused on the only remaining plausible theory of illegal behavior that could explain the unusually high prices last fall - that companies in Western New York and Vermont might have engaged in collusion.

Collusion in each of the affected cities would have been very difficult because numerous companies set prices at retail gas stations in each city and no single station owner or group of owners controls a large share of the volumes sold in any city. 6 For example, staff discovered that at least 35 (but likely substantially more) different companies set retail prices at stations in Buffalo. Staff also found that no single company sets prices at more than 11.5% of pumps in Erie County, and the top four companies in the county combined set prices at fewer than one-

6 It becomes increasingly difficult to achieve and maintain successful collusion as the number of parties within a collusive group grows. By way of illustration, the Federal Trade Commission and U.S. Department of Justice Horizontal Merger Guidelines state:

lh:olh:1:ti\'e ai:tion 1s necessary for the exercise of market power. as the numher uf firms necessary to control a gi' en percentage of total supply dt'crc11St'S, the ditlicultics and costs of reaching and enforcing an understanding with respect to

the control of that supply might be reduced.

~ ~.O (emphasis added). As the number of finns increases, the diftkultics of rcad1ing an agreement increase. Consistent with this prinl"iplc. the :\krgcr Guidelines presume that ten firms of ct1ual sl/c \\.nuld he unlikdy to i.:ollw.lc sucl:essfully. although there arc exceptions.

)

The Honorable Brian Higgins • Page 4

third of the pumps."' As a result, it would have been very difficult to establish and maintain an effective collusive agreement to raise retail prices in Buffalo throughout the fall of last year.

Collusion across all of the affected cities would have been even more difficult because numerous companies other than those that operate in Buffalo set retail gasoline prices in Rochester and Jamestown .. For example, several different brand-name companies, discount club station owners, supermarket chains, and small independent station owners set retail prices in each of these other affected cities. The need to include these additional market players in any collusive scheme to raise retail prices simultaneously in all of the affected cities last fall would have created substantially greater difficulties in reaching and maintaining an effective agreement.

Other market factors also would have made collusion very difficult. For example, as crude oil prices plummeted during the faH, product costs for gasoline retailers throughout the nation fell with unprecedented speed and magnitude. 8 As wholesale gasoline prices fell substantially on a daily basis, the numerous retail price setters in each affected city would have had to reach agreement on cartel prices on a frequent basis - probably each day if not more frequently. Having to reach agreement so frequently would have made it very difficult to effectively maintain a collusive scheme throughout the fall oflast year.

Nor did market data support the notion that a conspiracy existed to raise prices last fall. For example, staff found no evidence that station owners in the affected cities charged prices closer to those of their competitors last fall than they did in previous time periods. Staff also found no evidence that retailers pegged their price levels relative to one another; rather, retailers' prices generally jumped above or fell below those of their competitors last fall, just as they tended to do in other periods.

In sum, staff's investigation yielded no evidence that illegal anticompetitive conduct caused the price levels experienced in Western New York or Vermont last fall.

7 The fact that a station sells gasoline under a brand name does not mean that the owner of that brand controls the station's prices. Staff discovered that numerous firms in the affected cities 1.:tintract with hrand-namc cnmpanics to sell branded g;N1line while mdepcndcntly setting their (l\\n retail pril.'.cs.

' Between July .2008 and the end of December .2008, the pri1.:e of crude ,1il <lroppcJ mnrc than SI I 5 per barrel, from just over S 145 per barrel in the summer to around SJO per barrel during the week of Christmas. Energy lnfimnation Administration, "Cushing OK WTI Spot Prkc FOB," arni/ah/c at http:i,tonto.eia.doe.govltlnav.pct;hist"r.vtcd.html. The drastic drop in crnde oil pnccs 11vcr this time period resulted in large daily dcacases in \\hoksalc gasoline prices throughout thL" cPuntry.

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The Honorable Brian Higgins - Page 5

If. Potential Policv Proposals Regarding the Petroleum Market

Petroleum markets do not always function smoothly, and policy-makers and consumers often express frustration at retail prices that may not move as expected. Many proposals have been put forth to try to address these concerns. and we note some of them here, although this discussion should not be viewed as a representation of a Commission position on any of the various proposals described below.

Some have suggested that enhancement of consumer knowledge can more effectively prevent the uncertainty and confusion stemming from volatile gasoline prices, and suggest efforts to increase the transparency of petroleum costs and prices. For example, one might take steps to provide consumers additional information about wholesale cost conditions through real­time publication of city-area average retail prices, average wholesale prices, and city-area average margins. Further, consumers might benefit from increased public awareness of the value of price shopping, in falling as well as rising markets, and government could engage in consumer outreach regarding free, online sources of price information, such as GasBuddy.com.

Some have suggested that one way to address high gasoline and diesel prices is through some form of federal price gouging legislation, such as H.R. 2129, which you co-sponsored in the 111 th Congress. Many states, including New York, have already made price gouging illegal under state law.9 Other legislative approaches target potential fraud in the market, such as the wholesale petroleum market manipulation rule currently being considered by the FTC.

Of course, the greatest cause of volatility in the retail price of gasoline is volatility in the price of crude oil, and both a reduction in the demand for crude oil and the development of additional crude oil supplies could damp crude oil price volatility. Some commonly discussed means of doing so include expanding the supply of oil; expanding investment in otlrer sources of energy, such as wind, solar, biomass, nuclear, and geothermal; decreasing the cost and difficulty of refining oil by easing the requirements on refinery construction, expansion, and operations; imposing greater energy efficiency requirements on automobiles and other users of petroleum products; providing incentives to manufacturers to enhance energy efficiency; encouraging or mandating greater investment in infrastructure to minimize unplanned failures that often result in energy shortages and short-term price spikes; and prohibiting OPEC from collusively setting oil prices,10 an activity clearly contrary to U.S. price-fixing laws.

(j On the desirability of such legislation. compare FEDERAL TRAOE COMMfSSION. (S\'f'S ff( i:\ [[0"1 l )f G.\SOI INr PRICF \h"llPI .L\TION AND P< )Sr-KA fRIN.\ GAS< JLINF PRI< f

I:\< RF.\S! s 1!>6 c:'.006) ("[Tjhe Commission cannot say that federal price gouging lcgislat1un would produce a net henctit for cnnsumcrs. "). arnilahlc at http:/ www.tk.gov reports. 0605 l 8PublicGasolinePriceslnvesti gationReportFinal.p<lt: u ith Concurring Statement of Commissioner Jon Leibowitz at 2 ("These statutes. which almost invariably require a declared state of emergency or other triggering event. may serve a salutary purpose: discouraging outliers from profiteering in the aftennath of a disaster.").

; 'S1·c. (' g. S 20-l, co-sponsored hy Senator SdlUmer m the 111 th ( 'ongn:ss.

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The Honorable Brian Higgins - Page 6

Many of these ideas go beyond the specific situation encountered by consumers in Western New York, but most experts believe that no single approach will be sufficient to address the concerns of many people regarding gasoline prices and the petroleum markets more generally.

lII. Conclusion

In the meantime, of course, we are always interested in considering any potential evidence of illicit activity in the marketplace, and the Commission will continue its efforts to identify, prevent, and prosecute any unlawful anticompetitive practices in petroleum and other markets.

Again, thank you for bringing this critical matter to our attention. Although the investigation did not uncover any illegal activity, the Commission will remain focused on potentially anticompetitive behavior in order to protect consumers, and your ongoing vigilance is greatly appreciated.

By direction of the Commission, Commissioner Kovacic concurring. 11

11 Commissioner Kova..:ic concurs. noting: "f would have prcforrcd that the presentation of policy alternatives in this letter include an assessment of their merits. The discussion of policy options also would have bcncfitted from a fuller treatment of possible supply responses and broader ..:onsidcration of demand-related measures that focus attention on the real ..:nsts, in terms of national sc..:urity and cmironmcntal roli..:y. of ..:onsuming pdn1lcum produds ami clcctri..:i ty."

T'4E .'.:HA1F<MAN

FEDERAL TRADE COMMISSION WASHINGTON, 0 C. 20580

May 13. 2009

The Honorable Charles E. Schumer United States Senate Washington, D.C. 20510-4705

Dear Senator Schumer:

You and Representative Brian Higgins have requested a public report on the Federal Trade Commission's investigation into unusually high gasoline prices in Western New York during the fall of 2008. Thank you for bringing this important issue to our attention. We share your concern about the impact of high gasoline prices on the day-to-day life of consumers and understand the frustration and hardship that are created when those prices rise significantly above those in surrounding areas without any obvious market explanation, as occurred in this instance. Such situations receive our closest attention.

() However, after careful and extensive investigation, FfC staff did not find any evidence of illegal activity in gasoline markets in any of the affected cities. To the contrary, staff found evidence suggesting that it is unlikely that illegal conduct caused these price levels, although staff was unable to identify precise reasons why retail gasoline prices in some cities in Western New York and Vermont did not fall as quickly as prices in other Northeast cities. Although we are unable to establish any direct relationship, we do note that prices began to fall soon after Representative Higgins raised public concerns about the elevated prices and you both asked us to conduct an investigation. This letter describes the scope of the investigation and summarizes the findings of Commission staff, subject to the Commission's obligations not to disclose confidential information. 1

)

I. Investigation of Unusual Pricing Activity in Western New York

The Commission's ongoing Gasoline and Diesel Price Monitoring Project~ identified retail gasoline prices significantly anove preJicred values in Western New York cities. anu in Burlinglun. Vermont. Junng 1hc fall anu early \\>i111er of 2008. In response to 1hc'ie oh\crvations

1 Se1'. <'.g .. 15 U.S.C. §§ ..J6(t), 57h-2; 16 C.F.R. § -l.11.

rhc (ia..;olinc and Die..;cl Prk·l' '.\lonilonng Pr1111.:d IS 1..k .... 1:nhcd al hllp:/fo \\\\.Ill:. !!.O\/fldoilgas/gas pn\.·c.hlm.

•

)

The Honorable Charles E. Schumer - Page 2

and to requests from you and Representative Higgins.' Commission staff conducted an analysis of retail gasoline prices in Western New York and Burlington, Vennont. to confinn that prices in those markets were unusually high.

Staff first analyzed whether average retail price levels in the Buffalo, Rochester, and Jamestown, New York, and Burlington, Vennont, metropolitan areas were higher than would be expected, using their nonnal relationship with Albany gas prices as a baseline:' Staff analyzed price data for a ten-year period to establish historical differences between average retail price levels in these cities and Albany. This analysis confirmed that average retail gasoline prices in these cities were significantly higher than expected relative to Albany.

Staff then examined whether supply disruptions or other readily identifiable market conditions could explain the unusually high prices observed in the affected cities. For example. refinery disruptions, pipeline interruptions, terminal outages, or transitions to new fuel specifications are common reasons why we might see supply problems and thus higher prices. Staff could identify no such market conditions that fully explained the unusual price levels in Western New York and Vermont last fall.

Consequently, staff opened a law enforcement investigation and coordinated with the Attorneys General of New York and Vennont. This investigation sought to determine whether these high prices resulted from illegal behavior by participants in Western New York and Vermont gasoline markets.5

When conducting Jaw enforcement investigations of this kind, staff seeks to gain a full picture of the competitive situation, including the identity of finns responsible for setting prices in relevant markets and their market shares, and any evidence of an agreement among market

3 Requests for an investigation were received by letter to then-Chairman Kovacic from Congressman Higgins, dated October 22, 2008; by letter to then-Chainnan Kovacic from Congressman Higgins, dated December 4, 2008; and during telephone conversations with Commission staff.

4 Staff used Albany price levels as the baseline because that allowed us to directly address the concerns you posed regarding the discrepancies between prices in different cities in New York and nearby areas. Our analysis showed that, with one exception, wholesale price levels in the affected cities and nearby areas maintained their normal relationships with each other and with Alhany. The one exception was in Warren, Pennsylvania. where the wholesale price nf "unhram.lc<l'" (nnn-hrand-namc) gasoline rose relative to Alhany <luring the fall of 2008. lhc ~taff investigation concluded that this increase was nnt the result of antkornpetit1ve a~t1v11y.

' The Commission enforces the Federal Tra<le Commission Ad, 15 U.S.C. ** -H-58 (whose proscription of unfair methods of competition reaches, among other conduct, violations of the Sherman Act's prohibitions of monopolization, attempts and conspiracy to monopolize. and conspiracies in restraint of trade). und the Clayton Act, 15 U.S.C. ** 12-27 (whkh prohibits a numhcr of types of anltcompctitivc conJL11.:t. including mergers and acquisitions likely to "ubstantially lessen ~ompct1tion).

• The Honorable Charles E. Schumer Page 3

participants to raise price or restrict output. Relevant infonnation may also include evidence that price levels during the time period under investigation followed a pattern that was inconsistent with patterns in other time periods.

Commission staff and attorneys from the offices of the New York and Vennont Attorneys General interviewed more than 20 companies involved in these markets, including refiners, refined products pipeline operators, tenninal operators, marketers, distributors, and retail station owners. Staff also obtained documents and data from several participants. including station-specific pricing surveys, competitor lists, station location lists, supply contracts, and bulk supply volume data.

Staff also purchased retail and wholesale price data from the Oil Price Infonnation Service and obtained other relevant data from public sources. Staff used these data to analyze wholesale and retail price differentials between Western New York and Vennont communities in different time periods, examining the range of prices at different retail stations in the affected areas last fall relative to other periods, and measuring how quickly prices stabilize, relative to each other.

Through its investigation, staff discovered that no company possessed a monopoly share of any retail gasoline market in Western New York or Vermont, nor was any company large enough to effectively attempt to create a monopoly through illegal means. Further, staff identified no unfair method of competition that could explain how a company or group of

' companies could have illegally caused the observed price levels last fall. Accordingly, staffs (',~ investigation focused on the only remaining plausible theory of illegal behavior that could

explain the unusually high prices last fall - that companies in Western New York and Vennont might have engaged in collusion.

)

Collusion in each of the affected cities would have been very difficult because numerous companies set prices at retail gas stations in each city and no single station owner or group of owners controls a large share of the volumes sold in any city.6 For ex.ample, staff discovered that at least 35 (but likely substantially more) different companies set retail prices at stations in Buffalo. Staff also found that no single company sets prices at more than 11.5% of pumps in Erie County, and the top four companies in the county combined set prices at fewer than one-

6 It becomes increasingly difficult to achieve and maintain successful collusion as the number of parties within a collusive group grows. By way of illustration, the Federal Trade Commission and U.S. Department of Justke Horizontal Merger Guidelines state:

If 1.:ollective action is necessary for the exercise of rnarkd plw.er. a~ the numhcr nf firms necessary to control a gi vcn percentage of total supply decrease.\. thi.: 1.hfficulties anJ costs of reaching anJ enforcing an unJcrstanJing with respect to the conlrol of that supply might be reduced.

* 2.0 (emphasis adJcJ). :\s the numher of firms increases. the difficulties of reaching an agrci.:1111...·nt incrcasi.:. Ct111-;1stcnt with this rrin1.:1rlc. the \krgcr CiuiJclinc..; presume that ten firms uf c1.1ual s11.i.: \\oulJ be unl1kdy to colluJe sl11.·ccssfully. although thi.:rc an.: cxci.:ptions.

•

)

The Honorable Charles E. Schumer - Page 4

third of the pumps. 7 As a result. it would have been very difficult to establish and maintain an effective collusive agreement to raise retail prices in Buffalo throughout rhe fall of last year.

Collusion across all of the affected cities would have been even more difficult because numerous companies other than rhose that operate in Buffalo set retail gasoline prices in Rochesrer and Jamestown. For example, several different brand-name companies, discount club station owners, supennarket chains, and small independent station owners set retail prices in each of these other affected cities. The need to include these additional market players in any collusive scheme to raise retai I prices simultaneously in all of the affected cities last fall would have created substantially greater difficulties in reaching and maintaining an effective agreement.

Other market factors also would have made collusion very difficult. For ex.ample, as crude oil prices plummeted during the fall, product costs for gasoline retailers throughout the nation fell with unprecedented speed and magnitude.8 As wholesale gasoline prices fell substantially on a daily basis, the numerous retail price setters in each affected city would have had to reach agreement on cartel prices on a frequent basis - probably each day if not more frequently. Having to reach agreement so frequently would have made it very difficult to effectively maintain a collusive scheme throughout the fall of last year.

Nor did market data support the notion that a conspiracy existed to raise prices last fall. For ex.ample, staff found no evidence that station owners in the affected cities charged prices closer to those of their competitors last fall than they did in previous time periods. Staff also found no evidence that retailers pegged their price levels relative to one another; rather, retailers' prices generally jumped above or fell below those of their competitors last fall, just as they tended to do in other periods.

In sum, staff's investigation yielded no evidence that illegal anticompetitive conduct caused the price levels experienced in Western New York or Vennont last fall.

7 The fact that a station sells gasoline under a brand name does not mean that the owner of that hrand controls the station's prices. Staff discovered that numerous firms in the affected citH .. '" L·ontract \V1th hranJ.rwmc companies to sell hran<lcd gasoline vvh1le m<lependently -;ettmg thl'tr m'vn n:tail pricl's.

' Bctv\een July 2008 and the end of December 2008. the price of crude oil dropped more than $115 per bmTcl. from just over $145 per barrel in the summer to around $30 per barrel during the week of Christmas. Energy Information Administration ... Cushing OK WTI Spot Price FOB." m·ailah/,, at h1tp://tonto.cia.doe.gov/dnav/petlhist/rwtc<l.html. The drastic <lrop in L'rude oil prices O\\.'r tlli'> !line pcrind r\.'sulted in large daily decreases in \\hoksale gasolrnc pnces throughout the 1-'.ountry.

•

}

The Honorable Charles E. Schumer - Page 5

II. Potential Policy Proposals Regarding the Petroleum Market

Petroleum markets do not always function smoothly. and policy-makers and consumers often express frustration at retail prices that may not move as expected. Many proposals have been put forth to try to address these concerns, and we note some of them here, although this discussion should not be viewed as a representation of a Commission position on any of the various proposals described below.

Some have suggested that enhancement of consumer knowledge can more effectively prevent the uncertainty and confusion stemming from volatile gasoline prices, and suggest efforts to increase the transparency of petroleum costs and prices. For example, one might take steps to provide consumers additional information about wholesale cost conditions through real­time publication of city-area average retail prices, average wholesale prices, and city-area average margins. Further, consumers might benefit from increased public awareness of the value of price shopping, in falling as well as rising markets, and government could engage in consumer outreach regarding free, online sources of price information, such as GasBuddy.com.

Some have suggested that one way to address high gasoline and diesel prices is through some form of federal price gouging legislation, such as H.R. 2129, co-sponsored by Congressman Higgins in the 111 th Congress. Many states, including New York, have already made price gouging illegal under state law.9 Other legislative approaches target potential fraud in the market, such as the wholesale petroleum market manipulation rule currently being considered by the FTC.

Of course, the greatest cause of volatility in the retail price of gasoline is volatility in the price of crude oil, and both a reduction in the demand for crude oil and the development of additional crude oil supplies could damp crude oil price volatility. Some commonly discussed means of doing so include expanding the supply of oil; expanding investment in other sources of energy, such as wind, solar, biomass, nuclear, and geothermal; decreasing the cost and difficulty of refining oil by easing the requirements on refinery construction, expansion, and operations; imposing greater energy efficiency requirements on automobiles and other users of petroleum products; providing incentives to manufacturers to enhance energy efficiency; encouraging or mandating greater investment in infrastructure to minimize unplanned failures that often result in energy shortages and short-term price spikes; and prohibiting OPEC from collusively setting oil prices, 10 an activity clearly contrary to U.S. price-fixing laws.

11 On the desirability of such legislation, co11111are FFDFR:\L TRADE COM:\llSSION,

h\'ESTI< i \ rlON OF (i,\SOUNE PRICE ~'1.\NIPl 'l..\TION .\ND PosT-K,\ IRIN;\ G.\SOLINE PRICE

IN< RL\Sl:s 196 12006) ('"{Tjhc Commission 1.:annot say that fcucral price gouging legislation \\ oulu prouucc a net hencfit for 1.·onsumers. "'). arailahll' at http://www. ftc. gov/rcports/060518PuhlicGasolinePrkcsln vestigationReportFinal. pdf, with Conn11Ting Statement of Commissioner Jon Leibowitz at 2 ("These statutes. which almost invariably require a declared state of emergency or other triggering event. may serve a salutary purpose: uisi.:ouraging ou!licrs from profiteering in the aftermath of a disaster.").

1" See. e.g .• S. 20..i. co-sponsored hy Senator Schumer in the 111 th Congress.

•

}

The Honorable Charles E. Schumer - Page 6

Many of these ideas go beyond the specific situation encountered by consumers in Western New York, but most experts believe that no single approach will be sufficient to address the concerns of many people regarding gasoline prices and the petroleum markets more generally.

III. Conclusion

In the meantime, of course, we are always interested in considering any potential evidence of illicit activity in the marketplace, and the Commission will continue its efforts to identify, prevent, and prosecute any unlawful anticompetitive practices in petroleum and other markets.

Again, thank you for bringing this critical matter to our attention. Although the investigation did not uncover any illegal activity, the Commission will remain focused on potentially anticompetitive behavior in order to protect consumers, and your ongoing vigilance is greatly appreciated.

By direction of the Commission, Commissioner Kovacic concurring. 11

11 Commissioner Kovm.:ic concurs, noting: .. I would have preferred that the presentation of policy alternatives in this letter include an assessment of their merits. The discussion of policy options also would have hencfittcd from a fuller treatment of possible supply responses and hroaucr consideration of Jcmarn.i-rclatcu measures that fo1.:us attention on the real 1..'0sts. in 1<.·nns of national "l'L·uril) and en\ irnnmc111al policy. of consuming petroleum products and L'lcct m.:11 y ...

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NAl'<ON&:. StcvNn-, flwlft4GiNO THfllt..Ars, 41'rlU tr-1tHtUft(,;Pi .. I. Rt:t.,AJ•f)H~ Wc~rrt: www house govlhtQ''1•nt

December 4, 2008

The Hooor:ible William Kovacic Chairman, Federal Trade Commission 600 Pennsylvania Ave, Suite 444 Washington DC, 20580

Re: Disturbing new gas price data

Dear Chairman Kovacic:

In furtherance of my correspondence of October 22, 2008, I write to make you aware of some very disturbing petroleum industry data. This dat.1, from the Oil Price Information Service (OPIS), an independent industry observer, helps to answer the question posed by the Buffalo News in their November znd front page headline "WNYs gas price mystery: Wny so high?"

You will recall that the problem I identified in my October 22n.i correspondence was the dramatic increase in the difference between the average retail cost of gasoline in Western New York and other, similarly situated communities. Thi'I problem pel'!lisrs this week, as rhe price per gallon of gas in the \Vcstem New York cicies of Buffalo and Jamestown is $2.29 and $2.24 per gallon, respectively. Meanwhile the price of gas in the upstate New York communities of J\lbany and Syracuse is $2.07 an<l $203 per gallon, respeccively. 1

There has been debare as to whether the cause of th<' relatively high prices here has been rhe result of the tax structure, the physical layout of the pipeline system, the distribution network, the structure of the retail market or other factors. "!be OPIS dara dearly shows thar the origin of the discrepancy is aggressive profit-taking at the retail level. To wit:

• The a\·crage profit margin nationally in rhe most recent week for which data is avJilablc \Vas 23.6¢. per gallon of gas.~

1 Imp. I /~;11w .. u.1rtud.11b1111c.rnm/{ )urr(';1,ch/GA~l nfo , htrp I /g.1spr1u.•s rn.1pt)lll!'>l.cnrni . I.ink; v.1!.iu As r.f 12/'l/ 2rti)K. , lh1d. p. I.

• .

)

• Jamestown, NY was the most "profitable" market for gasoline retailers in the most recenr week for which du.a is available. The average margin per gallon in Jamestown was 711t.3

• Buffalo,:~Y was the fifth most "profitable" market for gasoline retailers in the most recent week for which dar.a is available. The a~erage margin per gallon in Buffalo was 55.1¢.~

Multiple industry sources have confirmed the existence of a phenomenon calJed a "sticky down" - this means chat as crude oil prices rise, the retail price of gasoline rises accordingly but as crude falls, gasoline falls more slowly as retailers and perhaps others take profits. TIUs helps to explain why the national average margin is currently 23.6¢ while industry sources indicate chat i.t takes about 11-13¢ to profitably operare a gas station.

The fact chat our "sticky down" is so much more pronounced than the national average suggests a dramatic inefficiency in the local marketplace. This may not be surprising, as 52% of the gas pumps in Erie County are controlled by just three companies, and 70% are controlled by just si.'< companies. 5 While the concentrated ownership of pumps does not, in itself, suggest an uncompetitive marketplace, the extremely high margin data from OPIS certainly does.

I hope this data helps your ongoing inquiry and again, I urge you to proceed with the inquiry with all haste. Every week in which Western New York continues to suffer a pcicc disparity of 30¢ compared to other, similarly situated communities causes real and substantial damage to one of the nation's most struggling economies.

Sincercl~,

Arian Higgins i\lember of Congress

Enclosures

'Oil Price lnfonn:inon ~en,ce. Rer.ul Fui!I \'<'Jrch, \'<11. 7, Issue P. l\io"cmber 2~ . .:COB, page 5.

J lh1J. ; :\{y office's 1naln1s of rile •>fiici.tl regi'"1' of fudltn~ sr:111ons from rhc Frie CnuntY 8utc<1u of \'\'~1ght~ .ind M .. asure>.

RETAIL FUEL WATCH • The Oil Industry's Benchmark For

Gasoline Margins Snapshot

45.8

Cutten! c .... - :JO.Day Vear·Ago 3G-Oay Roitng Aol~ng

52-Week National Margin Trend

58

12-Week Spot Price Trends (,Ulf ( (ll)\lfl(!OH-11 V't tHL l \ ( \W:BOlt

Im:]~~~ 911 )06.il .:!9JJ 101 8 2U .112.5 .15 . .1 W8 J07 0 50 I 292,1.J .\6.0 298,:\ .II~

9/15 J9_l :! 15.1.4 .lOO.O ()0.2 194.0 HI 9/2]. .!H2.I .\8 5 .:!71.l !7 4 2H 9 .11.2 9().9 17~.1 .:!:'i_K .:!till 1 l0.9 .'.?~..i.7 15 J 1016 .:!.'7.2 11.0 2321 60 .:!6.'L7 W.5

tO/I '\ 196 .\ J.8 .:!01.9 I) 2 251.8 •9.7 lnt:?ll 171 . .2 :.6 1M7_9 l.'.?.I 11.?Jl 17.0

10127 I JO. I •A 169.2 I 0 7 IH.1 15.6 I JI i I 1• 7 17 .I I J 1.• .1.8 I !i2JJ •.2

I f/lO I ~h_lt 15 6 14.18 76 149 .\ .1.1 11117 12:1 b ll 4 l ~7.; ~9 1.11.9 • 2

Gasoline Retail, Rack, Spot & WTI Trend

Retail Gasoline And Diesel Prices & Profits

Gasoline Pump Profits Get More Pressure Gasoline margins at the nation's rct'ail pump contin­

ued to get pressure from sliding street prices. falling lower for the fitth week in a row and once again bringing an uncumfo11able profit-squeeze to some regions.

Nationally, average retail gasoline margins dror.pcd 3.8cts on the week, to a still-healthy 23.bctsigal. fhat was still down 56<Yo from the mid-October peak when marketers in virtually every re!.?:ion of the country could conceivably boast their hi 0 hest margins of the year.

While petroleum marke~ continue to point lower, ot: ferinu ever cheaper wholesale rack replacement costs, the chief culprits for tighter margins appeared to he stiff competition on the street to divide up a shrinking por-tion of consumer driving demand. Average retail prices dropped nearly I 5.5cts over the last week, moving un­Continued on Page 7

OPIS Propane Marketing and Distribution University

Learn How to Buy, Sell and Market Propane.

WI ,166., 9/8 .16,.7

9115 37-1.9

W22 .l7K.J

9121! 366., 10/6 -~5..J.2

1011.1 .~~H.5

10120 29H.O

10117 .27:?.0 111.1 2.1~. I

11110 226.2 11117 210.8

February 4-6, 2009 Caribe Royale Hotel, Orlando, FL

12-Week National Fuel Price Trend <:Hr1ellif ifa •·ll!l#

.llH.7 308., 10.2 426A .l7 I .2 J.W.O .12.2

.117.9 .\06.I 11.7 .i2J,Q .168.11 ,125.H J2,8

.126.H J22J) -1.8 -llU J6.1.2 319.9 .j_1,.\

JJOA 296., 3,1.9 .11.l.6 _1!Ht2 JOH.2 ;o.o .\19.0 292.0 27,0 .j()9 0 _1,J.8 J26.M 17.0 \()7,6 265.H .jl 9 .jO.I 2 l.19.0 .\11.1.7 .l~ .. 1

2H2.3 22H.9 ~.\A .189.7 JJ.j,6 167.6 117 0

2~2. I 20H .. \ .1.l.8 ,169 8 31,.() 146.'.'i M.5

226 . .I I K~.8 .10.6 3~0 . .1 Z9~.~ 211 7 6K.2

199.9 16.1.H .\6.1 .12K.8 2H.6 21 •.'I W.7

181..1 15.1.9 27..1 .\l.j,I 260,0 114JC .l~ .. 1

166.0 1.12.-1 2.~.6 .!O I.I 1-17 2 200 . .1 ~11.8

Kt-fail - .1\'l'1ag(.' r1.:t.ul rri1..·I.'~ '•t rl.'t:.t1I ~'nt:i: 1.; ... .., ..,1:.i.1.:-. fl',fcr~d ,md !t• ... ,11 r.t\I.''- 111d I. "ii I" prr ~.d f;)r fo:: 1:rhL Ri:tck wh.1k•...,1k ~\,...r: \Ji:truitt lh\." di tri:-rcn~1..· l"<cl~\ ..:l.'11 net ,mJ 1.drnk ..... dc

State-By-State Rack-To-Retail Gasoline Margins

JI l'~r'd ~' .J t:i.. ~; • "1

·~ )' I

----------m@=mm11:nm1u.1.111t.p------------

--Monthly Change-- --Monthly Change--ST Retail Net Rack Mar in Retail Rack Retail Net Rack Mar in Retail Rack AK 311.9 291.8 251.0 40.8 -82.1 -87.3 411.7 385.6 347.0 38.6 -54.1 -48.9 AL 210.1 169.4 139.8 29.6 -101.5 -71.7 296.2 247.9 197.5 50.3 -79.9 -49.1 AA 194.3 153.9 139.1 14.8 -90.8 -66.0 292.6 243.8 198.5 45.3 -72.7 -49.3 AZ. 232.5 197.7 172.4 25.3 -84.4 -72.3 276.3 223.3 182.9 40.4 -81.2 -56.4 CA 240.3 186.1 145.7 40.4 -102.6 -102.5 295.3 228.1 181.8 46.3 -80.1 -49.8 co 206.0 166.2 138.8 27.4 -109.7 -73.0 292.1 244.4 203.5 40.9 -88.0 -57.5 CT 226.1 155.5 146.3 9.2 -87.1 -56.6 338.7 269.2 208.4 60.8 -58.5 -42.6 DE 201.1 161.3 142.1 19.2 -93.1 -58.3 299.8 247.8 205.9 41.9 -n.6 -42.5 FL 214.9 167.4 145.9 21.4 -101.9 -62.3 308.8 251.7 206.8 44.9 -71.0 -47.4 GA 199.0 150.9 138.0 12.9 -113.0 -67.7 299.8 241.5 199.8 41.7 -79.3 -45.2 HI 307.7 243.3 253.5 -10.2 -83.3 -86.4 458.7 382.7 346.8 35.8 -39.0 -49.7 IA 198.6 156.8 138.1 18.7 -79.5 -63.9 285.9 236.4 202.7 33.7 -81.3 -52.5 ID 223.3 178.0 144.5 33.6 -111.7 -122.7 304.1 252.1 208.8 43.2 -n.4 -90.7 IL 216.3 162.7 143.7 19.0 -108.3 -88.7 313.6 240.3 199.2 41.1 -75.0 -53.8 IN 192.2 142.7 135.4 7.3 -103.6 -97.4 300.4 237.5 196.2 41.3 -n.1 -53.9 KS 191.9 147.9 134.4 13.4 -79.3 -66.0 284.2 231.1 199.4 31.7 -75.0 -52.8 KY 194.4 155.5 141.0 14.4 -104.2 -86.2 292.4 246.9 198.5 48.4 -73.8 -54.0 LA 212.3 172.9 139.7 33.2 -103.8 -66.4 296.5 249.5 197.0 52.6 -73.8 -50.5 MA 213.8 175.3 147.8 27.5 -87.5 -55.9 316.6 267.0 207.5 59.5 -68.0 -43.1 MD 209.7 171.1 145.7 25.4 -98.2 -57.5 304.9 254.4 201.3 53.1 -71.5 -47.4

ME 228.6 180.2 157.6 22.6 -78.7 -57.9 312.4 256.0 209.7 46.4 -63.9 -42.1 Ml 198.8 153.4 137.0 16.4 -100.9 ·91.1 304.6 245.4 199.8 45.6 -78.0 -53.4 MN 195.4 154.8 138.0 16.8 -84.8 -67.8 299.1 247.5 209.4 38.1 -72.7 -53.5 MO 183.0 148.1 134.7 13.4 -90.4 -85.9 275.6 232.3 198.3 34.0 -81.9 -52.6

'- MS 198.9 160.5 139.7 20.8 -96.7 -67.0 284.8 240.4 200.0 40.4 -77.3 -47.4 MT 211.1 163.4 134.1 29.3 -99.9 -83.3 301.0 246.5 218.5 28.0 -70.8 -65.0 ,, NC 212.3 163.3 136.8 26.5 -121.9 -72.6 304.8 248.6 199.0 49.6 -82.2 -49.5 NO 214.8 171.8 139.1 32.6 -78.4 -66.6 313.0 264.0 212.9 51.1 ·65.7 -55.8 NE 204.6 157.8 137.0 20.8 -87.0 -64.9 288.3 236.0 201.7 34.3 ·80.6 -53.7 NH 215.9 180.6 149.0 31.6 -92.6 -56.2 308.9 263.3 209.6 53.7 -68.1 -43.2 NJ 205.7 176.3 145.8 30.5 -87.1 -56.4 304.6 2610 200.7 60.3 -64.7 -44.4 NM 235.3 197.9 158.9 39.0 -76.5 -70.3 293.6 244.7 205.6 39.1 -74.5 -60.4 NV 232.7 179.1 152.3 26.8 -114.6 -95.3 286.2 232.4 184.9 47.5 -81.4 -64.2 NY 250.1 190.5 146.9 43.5 -83.4 -59.3 351.3 279.9 207.5 72.3 -67.2 -44.5 OH 189.2 144.9 138.1 6.8 -94.8 -88.3 308.9 254.8 198.7 56.1 -70.1 -52.1 OK 188.1 151.5 134.1 17.4 -76.6 -63.1 275.7 235.7 196.7 39.0 -80.2 -54.6 OR 228.8 187.0 142.4 44.7 -100.2 -72.3 307.2 256.8 195.4 61.4 -65.7 -48.4 PA 225.6 175.2 143.8 31.4 -80.4 -63.5 318.8 254.7 200.3 54.3 -61.1 -46.8 RI 214.7 168.6 147.4 21.2 -87.3 -55.4 318.9 261.8 206.2 55.5 -72.8 -42.9 SC 197.5 163.1 144.6 18.6 -107.4 -64.3 292.9 250.1 202.5 47.6 -78.6 -48.0

SD 207.1 163.1 136.6 26.6 -90.7 -69.2 290.3 240.3 206.7 33.6 -72.7 -556 TN 197.1 158.0 139.5 18.5 -110.0 -71.5 293.5 249.0 195.9 53.2 -77.6 -51.5 TX 195.8 158.0 140.3 17.7 -94.1 -67.4 293.9 247.6 202.3 45.3 -75.7 -53.0 UT 214.4 169.4 136.2 33.2 -123.8 -120.9 293.1 242.1 202.6 39.4 -80.1 -90.3 VA 1978 162.4 140.1 22.3 -101.8 -60.9 299.7 254.6 197.3 57.2 -74.3 -45.5

VT 239.4 204.5 151.5 53.0 -83.6 -57.6 329.4 2n.4 218.9 58.5 ·60.4 -38.9 WA 225.7 170.7 136.3 34.4 -105.1 -76.7 311.0 246.7 197.7 49.0 -60.6 -45.0 WI 211.8 161.8 141.9 19.9 -90.2 -82.7 294.0 235.1 199.3 35.8 -78.7 -55.4 WV 225.4 173.2 136.4 36.7 -89.6 -90.3 317.4 259.1 205.8 53.3 -725 -54.5 WY 205.4 171.4 135.1 36.4 -111 3 -91.3 291.4 251.4 213.0 38.4 -79.9 -64.1

Curr':lnt retait fwar tqe basi:::1j on roconc1led i;u3.J1t r:arr1 fr,1ns<tct1ons rec6JVBrt by OPIS from the 7·d:.J:y penod between rr.e previous T11~$d.1y lhrot~qh ttie mosr 1r>d:HH Monday Due 10 !he -.•1ay f~red1f card receipts ::ire reconciled, 'l few achi11tonal lr<rnsr.c11ons may be received tor the daf'?S th<1t afre-tdy comprise th'7 r~urr-3 nt •'-·Bf:'±kly ,1vt;:rct<je ~ .. 'finor 11uc1u1llons 1n "''?' dCtudl average may ... 1ccur ,,s ,, res1llt Rack av'3raqes are basBd Vil the rM1ly OPIS tlveraqe for the ,rid1V1t_iual sf,\ltOn5 t!1A tHni:?

penod for ihe approprute pmr1uct sold tit Hie station. Br;;ln»jed .slations :ue m11tched to the appropriate suppl:ers at the <'1osf!st r.1c:... a .\8 M~ •JPab!e ~o rt br . .in1.1

} te ·i st.pp:1er N~ ,J".e 1he bronded ::t'Jerage once ir"JITI tt-ie clo..,est rack AH rett11t brands ijatermirH'.ld to be w 1tJr.--trvted v;e tt1e urbrdnd~ti d'Jer3r1e DN:e at the .~10;;1-3~t n.~ .. ; Ail p1:ces ,?,re ror rP]t:f:u tinl{U(iP,d '.J3Sr..:lJne vr :J1eSAl nnly a.nd il.fA 111 cfs µ~r :ia!

'

Great Lakes Regional Fuel Marketer Profitability Index is published ~1 .. nonthty as a suppl.,menl i'l OPtS Retail Fu<>I Wa!ct1 by UCG. fao Wa;hir"JIOr1 C.;Pler. '17 '7

'N<hlWHj!on13n fllv<I. Swt;i •00. G.;111'1ersburq. MO 20878· 7:l6-l UCG ct'.ief executive ottu;qr":). Bruce Lev~nsi:1n. Ed Pesk0w1lz ;.,?008. Repro,.luc!1on :v1t!HJut porn~1ss1•m

1s prohll11red. Circulation Office: 3\J1·?87"'525 Fax: 'J()1-287-~'039 Editorial: e00·275-0950 Slaff: Bnan Crotty. Ben Broe.wet!. Fred f11J,:oll ·ind Stephc111·e ~l<·'w'·1" pgstmastpr• Sine! .ihj(lrpss changes IQ oe•s Retai' f11el Watch r%0 Wash1pgtoo Cqpter g13,..,. Vitash1ogtornao f3!•;d $111tA V1Q 041th91·b1'6) t 1fl -;:,\B 78 ""'364

2 • OPIS RE'·~ll F;m WATCH November 24, 2008

,

)

Weekly Gasoline Price By Region (111 ch pc"r gal)

-Monthly Change-Real on Retail Net Rack Ma!lln Re tall Rack Northeast 221.4 11S.S 14S.2 30.3 ·88.2 -60.3 Southeast 206.2 162.3 141.0 21.3 -107.8 ·68.6 Great Lakes 201.2 152.9 139.2 13.6 -100.2 -89.7

Midwest 193.S IS3.2 136.7 16.S ·86.0 -71.S

Southwest 201.7 164 . .5 144.7 19.8 -90.1 -68.1

West 231.4 181.3 14S.4 35.9 -104.8 -93.9

N\tt:t" <i\,,;r,t,b'.(' r..;!atl r:·:..;.;-, '\ct h . .-t(til pn..;..,• k'' ... u1\?' f~,kral ~mu 101..ii !.111;1.•i. .u1J l ' 1.h per ;;:ii f11r fr.._·1.bhL l<,1ck ~ho! .. ,..,.dt.: c<hl. \L.u-~in lh,,: J1ff..:r;:.·n;..,' li1.'l\~1.:..:n 11 .. ·1 :11ul

\\ h11k,,1Je. \fun1hly K>.!'1,ul Ch .. ntg1.· JHJ \1t.nuhl~ Kad., ( h;mgi: the 1,J1a:)g..:- m th1.' ;n cr.1g~ l\.:t:nl ,uhl 1\ hok· .. ,1k pn .. ·I." frmtt .... ·:...1~1ly 1•111.: tn(1nth '.'Igo

-·-- ·-·-~

, Ga01'tltA11iJ

' .Z'l'o1'1 ·~1

QM\Jrn '"'' S '11.lvrl5•·t>

12-Week Regional Gasoline Rack-To-Retail Pricing Trends

Northeast

9/t 918 9115 9122 9129 tOI& 10lt3 10/20 Hli27 1113 11i10 !"17

Great Lakes

911 918 9/1S 9122 9129 10,e 10/t'l 10/20 l0t27 1113 11!10 t1111

Southwest

November 24, 2008

Southeast

9/t !J/8 91t5 QJ22 9129 t(N'6 10/13 10/20 t0/27 1113 f111() t1117

Midwest

9/l 9<6 9115 9122 9129 10/6 10/13 10/20 t0/27 I l/3 11110 ttit7

West

,. .. JM.4 JIO.I

Jtr.T JttU 109.I

~~19J,r JOU -----.._ 2T6.I

~ ,,,.

/~"I..~ We•tWhOIH•'-

3 •

,.._~H.r

Diesel Pricing Trends

Weekly Diesel Price By Region 1111 (h 1'1:r ,ral)

-Monthly Lbange-Region Retail Net Rack Ma!Jln Retail Rack Nonheast 319.3 262.8 203.6 59.2 -67.3 -45.3 Southeast 300.0 247.8 200.7 47.1 -76.7 -48.6

Great Lakes 305.3 243.9 198.7 45.2 -75.3 -53.S Midwest 288.3 239.2 202.6 36.S -77.0 -52.9 Southwest 289.4 243.l 199.6 43.5 -76.8 -53.9 West 300.4 242.0 197.4 44.7 -77.0 -56.7

M:t.:raU ,n .. ·r:i!!-1..' r ... ~ta1! prk1:. '\t'f r1o.·t11I pni.·l~ i..: ... ~ ,r,111.:. f1.:.,t..:r.il :rnd 1,~.;a! t,lXt.'" ;1nd l o\

.;r.;. rl.;'r ~·•I for r:rt1gh:: J(.11.:k \\ hol.._•,ak ..:•"'L \hr:,:in rh1o.' ihff.;-ri.,:nc._.· h..;:n~i.'o.'!l :h,'f and '~h\1\...:-.ah.:. \f11111hi) R..:1ai! Ch.rn:_:1.~ :111d \lc111thly •Lt.:k t."hang~ th~ ..;:kinl:!'-' in !h1..' .n 1..·rng.: ;-i.:ud ,md •.\ !wk,al.,: pni.i.· from 1.'\,h.tl:. on,: ll!•}rHh ago

Weekly Diesel Price By State ( m i:h pi:r ~.ti l

j__""' 111

r--~----

·-· 12-Week Regional Diesel Rack-To-Retail Pricing Trends

Northeast Southeast

-·-.,,,. /

""·'

420.7 411.1 S<a.td'""" ,,_ ..

3t1•/ 370.0

380.1

9/1 9/8 9115 9122 9129 iQ/6 10/13 10120 lOl27 1113 11it0 11/'7 Wt 918 9/15 9122 9129 10/6 t0.'t3 10i20 10/27 1113 111t() 11/17

Great Lakes Midwest

3M.I JN.O JN.I

911 918 9HS 9/22 9r29 10/8 10/13 10i20 f0f27 t1;J 11/10 tt!f7

Southwest West

Soultf ... tRIU..

41 U 406.S 401 S

9:t J,8 9il5 9122 9129 1016 10,-!'.) !\120 10,21 ,, 1 11 10 ll1i1

4 • November 24, 2008

Most Profitable Metros To Sell & Supply Gasoline \lonthl~ Rerail \lonthly Ra1:k lfank \lelro Retail 'liel l<m·k \largin Change ( hange

Jamestown NY 272.4 215.7 144.4 71.2 -79.3 -64.0

2 Burlington VT 248.5 213.6 152.8 60.7 -84.I -55.9

3 Washington WC Only l 234.8 199.9 140.2 59.7 -97.0 -59.0

4 Medford-Ashland OR 244.2 202.8 143.4 59.5 -97.0 -72.0

5 Buffalo-Niagara Falls NY 263.4 202.4 147.3 55.1 -87.9 -63.8

6 San Francisco CA 251.4 195.5 144.2 51.3 110.4 -97.8

7 San Luis Ohbpo CA 252.4 198.3 147.0 51.3 -91.0 I06.6

8 New York NY 258.5 199.9 148.8 51.l -81.2 -56.8

9 Santa Barbara CA 251.3 196.7 147.0 49.7 -96.7 -!07 .2

10 Lafayette LA 224.4 186.2 136.6 49.6 -100.2 -69.8

Least Profitable Metros To Sell & Supply Gasoline \Jonthl~ Ki:tail \lonthl~ Kad• l<~111k \ktro lfrt.1il 'lil't ltad\ \largm < hange < lt.inge

Decatur IL 176.6 129.5 135.3 -5.8 -122.3 -88.5

2 Mansfield OH 184.6 137.0 140.6 -3.7 I02.4 -86.3

3 Laredo TX 180.4 140.2 142.3 -2.1 -61.3 -59.6

4 Akron OH 189.1 146.I 145.8 0.3 -89.9 -78.6

5 Mcallen-Edinburg-Mission TX 177.3 137.0 136.4 0.7 -72.5 -68.3

6 Peoria-Pekin IL 191.6 139.6 138.7 0.9 -95.7 -85. I

7 New London-Norwich CT 219.0 148.3 146.6 1.8 -91.4 -56.4

8 Hamilton-Middletown OH 181.0 138.1 135.9 2.2 -93.2 -96.6

9 Evansville-Henderson (IN Only) 189.I 138.3 135.7 2.6 -105.2 -92.7 {. 10 Brownsville-Harlingen TX 179.6 139.3 136.7 2.6 -66.4 -64.2 \ ,,~r.

Most Profitable Metros To Sell & Supply Diesel \lonthl} !Mail \touthh lfal'I• Rank \letro l<etail 'kt Riu-k \laq:in ( hange ( hanl!.t'

I New York NY 368.8 297.0 209.0 88.0 -71.0 -44.2

2 Nassau-Suffolk NY 352.1 279.4 207.0 72.3 -73.3 -44.6

3 Bridgeport CT 345.0 275.6 204.3 71.3 -57.0 -42.1

4 Eugene-Springfield OR 317.9 265.3 194.8 70.4 -56.5 -49.7

5 U1ica-Rome NY 351.0 282.9 212.9 70.0 -62.7 -42.0

6 Bergen-Passaic NJ 312.0 268.4 198.5 69.9 -65.6 -45.1

7 Washington (VA Only) 317.0 267.9 199.0 68.9 ·69.9 -46.6

8 Dutchess County NY 343.6 273.0 204.1 68.8 -66.3 -43. I

9 Alexandria LA 317.3 270.4 202.0 68.4 -66.3 -50.1

10 Newburgh NY 342.4 272.6 204.3 68.3 -68.2 -43.4

Least Profitable Metros To Sell & Supply Diesel \lonthl} Rl'tail \lnnthly Rack Rank \letrn lfrtail "id Rack \laq~in ( 'hangl' Change

Pueblo CO 272.6 224.9 206.6 18.2 - I 00.5 -56.2

2 Las Cruces NM 276.7 227.8 208.5 19.3 -89.6 -56.9

3 Springfield IL 288.-1 219.9 199.0 20.9 -82.2 -55.1

-I An~horage AK 394.2 368.2 347.1 21.0 -58.I -48.3

5 Green Bay WI 280.8 221.9 196.I 25.8 -82.7 -57.-1

6 Missoula MT 296.9 242.4 216.6 25.8 -69.5 -58.1

7 Abilene TX 280.4 134.2 206.5 27.6 ·77.8 -59. I

) 8 Kan .;as City (KS Only l 279.4 226.4 198.4 28.0 -80.6 -52 5

9 Peoria-Pekin IL 299.6 229.0 200.7 2iU -nl.8 -56.9

10 . .\m.irillo TX 280.2 2J3.9 205.6 2iU -71! . .+ -62..+

Novernbf!r 2 4, 2008

-------------·the pn.:.:: 1hat a n:-;elkr would h:J\.: ILl p.1y to br.:ak.::v.:n 1f1h.::y "'IJ pruJu..:t at the a1 .:rag.: rL'tail pri.:.:

le>\\ <:'it d1ain in th.: mark..:t

Metro Mansfield OH Laredo TX Akron OH M.:allen-Edinburg-Mis,ion T)< Peoria-Pekin IL

Hamillon-Middletown OH Evansville-Henderson tlN Onl: Brownsville-Harlingen TX Louis\ille KY iKY Onlyl Hartford CT

Cleveland-Lorain OH Fort Walton Beach FL Indianapolis IN Cincinnati OH <OH Only J

Louisville KY (IN Only)

Columbus OH Dayton-Springfieh.I OH Canton-Massillon OH New Haven-Meriden CT Savannah GA

Pensacola FL Tulsa OK Cincinnati OH (KY Onlyl Fort Wayne IN Kansas City <MOonlyl

Wichita KS Joplin MO Abilene TX Springfield MO Fayetteville-Rogers AR

South Bend IN Kansas City (KS Only) Lubbock TX Waco TX Panama City H ..

Gary IN San Antonio TX Athens GA Bratoria TX Corpus Christi TX

Toledo OH St. Louis Mo !IL Only I Saginaw-Bay Ciry Ml Longv1ew-\laf'h.ill TX

De' \loi nc' I A

Tyler TX . .\tlanta GA \lilwauk..:e-Waukesha WI Colorado Springs CO Augu,ta-Aik~n <GA Only l

Average Retail

184.6 180.4 189.1 177.3 191.6

181.0 189.1 179.6 194.0 220.4

190.1 198.4 186.7 183.0 190.9

183.4 186.6 191.-1-222.7 197.5

200.6 177.7 193.7 189.2 172.3 186.7 181.6 193.3 18 l.7 186.I

193.9 182.6 186.6 192.0 204.6

108.0 195.I 1993 179.6 189J

189.5 194.1 192.2 J97.6 188.9

191.9 196..1 208.0 192.2 195.6

Low Retail

179.3 176.5 179.9 17.l.9 189.1

171.5 177.-1-169.7 180.7 196.7

169.9 187.I 168.4 167.4 185.5

169.3 177.9 179.3 209.3 180.1

190.2 175.3 185.4 183.5 167.I

177.9 173.2 18 l.2 179.9 181.5

183.5 171.9 176.0 185.5 196.8

20J.4 186.5 187.8 166.2 177.8

183.9 195.3 188.5 192.3 172.9

187.5 l 115.3 19J.8 ll0.6 I 85.3

Average Average Rack Taus

140.6 46.5 l-l-2.J 38.7 145.8 41.4 I 36.4 38.7 US.7 55.1

135.9 41.4 IJ5.7 50.6 I 36.7 38.7 153.7 35.9 146.6 69.3

143.7 41.4 145.7 47.5 132.7 49.6 135.9 41.4 136.7 50.7

I J2.5 46.5 IJ8.6 41 A 143.0 41.4 145.9 68,8 IH.2 -l-2.5

145.5 47.5 134.3 35.5 148.4 35.9 1.13.6 49.6 IJ0.2 3.5 8

134.1 43.6 136.3 35.8 144.5 38.7 135.9 .H.8 IJ5.3 40.3

IH.1 49.3 130.4 43.6 137.8 38.7 142.3 38.7 150. I 43.0

149.6 45.7 144.9 38.7 140.I 47.6 IH.3 33.6 139.0 .l8.7

135.1 41.4 IJ5.5 47.2 l 36.7 42.7 146.5 38.7 I .'5.7 41) 5

141.5 .16 7 1156 47.9 148.1 46.J 1.IS.4 135.1

J9.7 45.6

Freight

1.5 1.5 1.5 1.5

1.5

J.5 1.5

1.5 l.5 1.5

1.5 1.5 1.5 1.5 u 1.5 1.5 1.5 1.5 1.5

1.5 1.5 1.5 1.5 1.5

1.5 l.5 l.5 1.5 1.5

1.5

15 1.5 1.5 1.5

1.5 1.5 1.5 1.5 1.5

15 1.5 I .5 1.5

1.5

1.5

1.5 1.5 1.5 1.5

182.6 188.8 176.6 195.3

178.8 187.8 177.0 19 I. I 217.4

186.6 194.7 183.8 178.8 188.9

180.6 181.5 185.9 216.2 191.J

194.6 171.3 185.9 184.7 167.5

179.2 173.6 184.7 173.2 177.2

184.9 175.5 178.0 182.6 194.6

196.8 185.2 189.3 169.4 179.2

178.0 184.1 l!!0.9 186.8 177.7

179.7 185.I 195.9 1796 182.J

-2.l 0.3 07 0,9

2.2 2.6 2.6 2.9 .1.2 3.5 .u 4.0 4.2 4.4

4.8 4.9 5.4 6.2 6.2

6.3 7.2 7.2 7.4 7.6 7.9 8.1 8.5 8.6 8.9

9.0 9.3 9.4 9.4 9.8

9.9 10.0 10.I 10.I 10.1

I0.2 10.6 I 1.0

I I. I

11.2

115 11.7 12.0 I '.!.J

11.5

\\ .. ·1 ·I\.!'' }huii ~\ ,'! 1.1!( ;~·t,i,l r1 .. ~'· l U\\ t.tt.•t.ul 1,,,., c: .. t ,l\ ...:;<1;!1.'.' pntl' t,1J -1 p.ir1:-.11i·1r t.:!n111 :'1 :he :~1.Hk.:1. \\ c·r .l:!,t' H.H. h !· .... r.!;,,,;'._1~ .... ·.1-.h 1:1..,:! \·,\·1..1~t·l-n:i;!hl (}i'i"\ i...,u:•\.;.;.. \ll l'··~T1.~..:lr,,,~rn"l I .;·_hjki ,o.tl \~i·r1:!.cf nlhJ:.:.t uq ·11...:

'Ji..: .1 ,.,. r 1~..:1..-' 1~, ·.-;l~ \Hf t:,:t 't·u i;.hl 1111..· .1\ .:r.1g..: p1ol :t .rn.µu1 ;11 th.._· 1,1c.i1 L. !. I .1J\\o \htrt:in :l<i-: .1\ .... r:!!l•.: p1·1ti1 :'.1.n::;;n h n

I wphnl \'\ 1,. I .1:_:,- U1 ( .11..t:\•_ •t ( ,,,f :'t...: pr it,_- t!i,11 ,1 r,__ ..... »\nul\~ ha• ... : h • r,1> '.ll hr.:.tl......_ \ .. ·n 1 ( 1~;..,-:-. ,niJ 1m1du,__·1 .11 ;Ji .• : !H't,1_' ;lu1 1 \ ti1 1:d 11a.,,, ;•.1:. '•) t-:\ •. 1~1.'\ ·~·n l I', h.,,:_~ "' 1\1! ptoihh.l ll '1.: .. 1n1..; p! ·1.'1...• 1.., 1b;; hi\' .:'l L lJ,;,n 1n ih1.. tl'.!! ~ . ..;i

6 • OPiS RE'"lt F:m WArrn

-9.4 -4.5 -5.6

-5.9 -4.7 -5.0

-28.6 -10.2

-16.4 -0.4

-I 1.2 -12.1 -5.7

-11.2 -12.6 -I0.5 -12.3 -5.9

-3.7 2.1 -0.2 -2. I -6.2 -3.7 6.1 - I I -2.1 -5.2

-1.2 -5.9 -0.2 5.0 2.6

0.9 -0.6 .u -4.-1--1.5

-7.6 -1.1 4.8 0.4 -0.7

6.6 -5.7 1.6 5.6 4.4

146.2 137.0 135.0 138.l 137.0 139.3 156.5 149.6

147.2 149.4 135.5 140.1 138.7

135.3 143.7 148.5 152.4 153.5

151.6 140.7 156.2 138.J 135.0

141.6 144.3 153.0 144.3 144.2

143.1 137.5 146.4 151.7 160.2

160.8 154.9 150.2 144.4 149.I

146.6 145.4 148.0 157.4 146.8

IB.7 147.0 160.I 151.0 148.5

I J 1.3 136.3 137.0 133.7 132.5

128.6 125.3 129.5 143.3 125.9

127.0 138.I 117.3 124.5 133.3

121.3 135.0 136.4 139.0 136.I

141.2 138.3 148.0 132.4 129.8 132.9 135.9 141.0 142.6 139.7

132.7 126.9 135.8 145.3 152.3

156.2 146.3 138.7 13 I.I 137.6

141.0 146.6 144.3 152.1 130.9

1~9.J

135.9 146.0 1~2..t

138.2

November 2 4, 2008

< , •.

')'· . .

'-,ta(Hlll t urrt<nl \\tt."k \~o \fonlh \f.!O ( urn·nl 'O-n.o \+>ar-\lto \0 na, \{uothh Kl'tall 'l11n1hh Mack

R~1nk BraBd ( nunt Rf'tatl '\tt Raik \tiu-~m \JarJ,!m \larn;m R••lh~ \lnr~tn R0Hin1.: \1nr1.l'm ( h.una:c- ( h~ufRe

Giant 96

2 Kw1k Fill 300 76 1615

-1 Gulf 1059 Go MJl'1 97

I> l.'nimart 71> 7 Stewarts 255 8 l'<a Pe1roleu1 12-1 9 Lukoil JM JO {]e11y '170

I I Albemons I lO

2.'7.6 198.4 15-1.0 2-11.-1 18-1.2 l-IJ-1 2-12.3 188.6 1-18.8 227..'I 182.2 IH2 223.6 171.9 1.1-1.8

229.3 176.6 1-10.5 2.17.-1 179.0 IH.3 229.2 176.-1 l-12.0 219.7 182.2 1-17.8 227.8 I 80. I 150.0 216.7 171.5 1-11..'I

-1-1.J -10.9 J9 7 38.0 .H.I

.ln.I H.8 HA H.J .10.2 .10.0

*9.2 -13.2 47.9 41..1

·BA .lS.7 .17.0 J7.0 -12.2 .ll>.4 H .. l

12 Mav<rik 193 211.-1 I 69.3 I W . .l .10,0 -I.I.I> l.l Chevron MH 221.3 17-1.9 I 45.2 29.8 .l6.0 1-1 Sinclair 1:128 211.1> 108.9 Ll9.5 29.-1 .15.9 15 furkey Hill 202 218.I 166.8 137.7 29.1 29.0 16 Quik Srop IOI 220. I 11>9.-I 140.7 28.7 3.U 17 Safeway 291 216.J 171.5 l-12.li 28.7 H.5 18 Arw 1123 129.8 177.1 1-18.6 28.5 35.-1 19 Mobil 2448 22.1.1 174.2 146,8 27.-1 .13.8 10 Sunoco -1136 219.3 171.9 1-1-1.8 27. 1 J2.2 21 Valero J234 209.9 166.0 IJ9.I 26.9 17.0 22 L1beny 123 :!09.l'l 167.8 1-IU 26..'I J0.2 B He<S 990 218.7 171.4 1-1-1.9 26.5 .HUJ 1-1 Te>0ro .188 2-11.8 199.9 1735 26.-1 29.8 25 Shell 12220 213.7 169.-1 1-13.J 2l'l.I 31.ll 21> Giant/ Martit 1>3 2 I J.8 164.0 L\8.0 2o.o 26.5 27 Enun -11>28 213.6 169.9 1-14.2 25.7 30.8 28 Irving 150 223.8 177.9 152.3 25." .1(2 29 Town & Cuu 1.16 205.S 161>.0 1-10.5 25 .5 21. 7 .10 Sheotz H-1 212.J 164.4 139.2 25.2 29 .. 1 31 Texaco 23** 208.! 165.8 1-11.0 24.8 .'IO.I 32 Citgo "5.'.'il 215.0 168.2 1*3.9 24.2 28.9 3.l Cen<x 1176 206.9 ln2.5 1.llU 23.8 2'.2 3* Conoco 2313 201.1 161.2 U7.!I 2.IA 27.fl .1.'.'i Loaf !'i Jug 117 202.9 161.1 137.8 2.1.2 .12.3

LoweSI Gas America 91 185.-1 135.5 1.1.1.5 2.0 ·tl.J *A/ust have receh't!d a pricefrom a 111i11im11m of 60 stations Continued From Page 1 ... der $2. lJ /gal. Rack costs, at a little over $1.42/ gal on average, dropped less than l 2cts nationally. ~ There was more of the same at presstime. with the latest retail price numbers around the nation sliding the cusp of $2.00/gal a number last breached in March 2005. That puts retail gasoline prices down some 90cts in the last month. about $ l .05 below where they stood a year ago, accord­ing to the latest data.

The latest indicator that demand destrnction had taken hold over summer came from the U.S. De­pat1mcnt of Transportation. repot1ing that Ameri­cans cut back drivin1T by 4.41

\, in September ver­sus the same monch 1ast year driving l 0. 7 bi I­I ion fewer miles. It was the l 1th consecutive month that DOT rcp011cd lower year-on-year driv­ing miles.

that number came as no surprise to many mar­keters who have constantly sa1J that Depat1ment of Enercv·s accounting underestimated the down­turn in tucl demand. At what point falling gaso-1 ine prices will engender more consumer demand is complicated by Wall Street losses and the in­variable eco1101111c slowdown that has many con­suml.!rs dinging to their wallets. Still. those look­ing for some hght at the end of the tunnel rnuld

5-1.2 58. I -I I.I 61.7 41.0

51..l SH> 28.-1 6-1.9 51>.9 -19,2 H.9 -19.2 -15.-1 H.6

.18.2 5-1.I 23.-1 -13.7 50.2 H.O 59.1 W.7 32.1 50.8 48.2 53.9 51.3 .12.7 -15.2 51>.I> 53.2 .jf.5 44.8 .'.'i2.4 -1.8

48.2 47.7 19.2 H>.5 .11>.8 .12. I 41.l .!S.9 .16.6 J9.8 42.1 H.-1 40.6 .!0.2 B.! 44.I 41.8 Jb.9 .17.1 .lb.I J-1.l'l .l8.9 .l7.0 32.2 .15.8 J!.K .11>.-I .15.l 24.7 34.4 .lS.8 34.-1 31U 31.1 37.2

3.3

11.9 .l.9 1.l.O 15.1 1~.6

55 8.7 n.3 17.-1 1.U Ii.I 25 12 8 9.2 11.7

8.3 .l.9 ·2.3 l 1.5 12.7 9.4 12.9 7.7 10.8

1.l.2 l> . .1 12.-1 l.l.6 11.7

12.9 IL.I 7.9 I0.5 8.8

·0.3

·8-1.6 .xJ n ll~l.5

.g25

91.2 .795 S0.2

·98.1> ·S8.7 87.0

105.7 ·117.ll · I02. I 100.5 -80.6

·!09.6 ·I0-1.6

99.6 .94.I ·'>11.3 ·95 . .! ·'16 .. l -9.Ll .<12.b ·98.7 ·85.ll 94.8

·84.1 ·87.'I ·87.9

· l!l-1.1 ·9K.O ·85.9 9*.9

· Hll.O

· I00.5

.111.-1

65 3 ·9.l. 7 ·57.9 ·92 .. l

65.7 .SS.2 97.1>

·58.0 58.-1

·87.7 112.9 80.7 SS.Ii

-l>J.9 ·93.5 ·77.6 99.!

.7.1.5 ·1>6.0 . 75.6

·6-1.2 ·59.-1 ·81>..l

·72.-1

·64.8 ·l>o.6 .575 81.2

·ll9.l'l -n.o ·1>1.b .f>8.5

·BA ·75.0

·1110. I

note the weekly MasterCard SpendingPulse re­port recently reported a l.5% uptick in week­to-week gasoline consumption.

"'Discretionary demand may be recovering," was the take that MasterCard 's Michael McNamara had on the report. While vear-on-vear ~asoline consumption for the week \\'7as stil I d()wn .:...8%, it was the smallest such drop-off in some ten months.

Meantime, the overall market points to fu11hcr declines in store for marketer rack replacement costs. At press ti me. crude futures on the NYMEX were testing the S50/bbl level. In the spot market, where refiners buy and sell their huge fuel volumes, Chicago unleaded prices dropped under S l .00/gal, ilown almost 20cts over the week to the lowest price levd in more than three years.

Diesel marketers got a lift from lhe swift fall in their diesel wholesale costs over the last \\eek. Rack replacement costs nationwide avcrancd just over $1.00/gal for diesd. off 14.4cts t'or 'the week. \vhcreas retail Jicscl prices av..:ragi.nu S3.0 I /gal dropped l 3cts --- moves that hdpcd boost average marketer profit on diesel retail sales some l.5cts, to a 46.8cts on the gallon .

Electronic Feeds Of Margin Data Available! Call 1-800-275-0950 x 2568 For Details

November 24, 2008 7 • OPIS RtrA;t FufL W'!Clt

-----------•t'*''¢1·"'1='i1*=*fl·'t1•1tfM@t•t-----------Top 25 Most Profitable Markets To Sell Gasoline In 2008 2008 \\ '"'" \~o ( hun11e From r, ( hunl(e •·rom Rank l<ank \larkel Sf lfrtail "el Rack \l.irein Wl'ck \eo Wn·k \l(o

2 3 4

5 6 7 8 9 10

11 12 I 3 14

15

16 17 18 19 20

21 22 23 24 25

2 3 4 6

5

7

10 15 9

8 12 11 13 14

16 17 18 19 20

21 22 24 23 25

Washing1on (DC Only)

Medford-Ashland OR Burlington VT

Barnstable-Yarmouth MA

San Francisco CA

Bellingham WA

Trenton NJ

New York NY

DC OR VT

MA

CA

WA

NJ

NY

James1own NY NY Washinglon (MD Only) MD Bergen-Pas...ak: NJ NJ Houma LA LA Charlouesv ille VA VA Lowell 1NH Only) NH Newark NJ NJ

Jersey Cily NJ NJ

Eugene-Springfield OR OR

Middlese~-Somerse1-Hunterdon NJ

Lafayene LA LA Portsmouth-Rochester iNH Onl: NH

Lawrence Ma-Nh NH

M~mi~ ~

Pittsfield MA MA Manchester NH NH Seatde-Bellevue-Evercu WA WA

355.3 367.4 354.9 353.3 .3!19.0

371.9 335.4 370.6 366.0 347.2 .133.2 344.9 342.9 341.1 331.3 332.0 359.7 331.6 342.6 338.2

337.7 356.2 346.0 336.7 365.0

.VR = JtarJ.er 1tt/S 11111 ronl.rd ilf tht• f'rtTf1JU\ ".:5 mo~l pro(irablt' uwrket,l

320.5 325.7 318.2 314.9

319 4

.'l 15.1 3060 3075 .105.9 308.7

303.8 304.2 305.7 306.6 301.9

302.6 315.1 302.2 302.6 303.7

303.2 305.4 307.6 302.2 308.3

t< fi, (!110/i{r AILnket lln.\I Htll't' R<•cein·jl Pritt".\ Prrmt .J.O tll" 111rwt: uniqttt' 'ta1i.11H

279.8 285.4 278.2 276.7 187.0

282.7 274.8 276.6 275.3 278.2

273.3 273.8 275.5 276.5 272.0 272.9 285.4 273.5 274.0 275.7

275.4 277 6 279.9 274.6 280.9 .

40.7 40.2 40.0 3K.2 32.4

.'12 .4 31.2 30.9 .10.6 30.5 30.5 30.4 30.2 30.I 29.9

29.7 29.7 2K.8 28.6 28.0

27.8 27.8 27.7 27.6 27.5

Top 25 Least Profitable Markets To Sell Gasoline In 2008

0.4 0.4 0.5 -0. I 0.5

0.0 0.0 0.5 1.0 0.1

O.l 0.3 0.0 0.2 0.1

0.1 0.3 0.1 0.4 0.1

0.0 0.2 0.2 0.0 0.3

1.0% l.0%

1.3% -!U%

1.64

0.0 ... 0.!)%

1.6% 3.4c.f: 0.3%

0.3'¥> 1.0% O.O'k

0.7% 0.3%

0.3% 1.0% 0.3% 1.4% 0.4'k>

0.0% 0.7% 0.7% ().()%

1.14

200!1 \\,.,.k \j.!o ( lmni:l' • rom 'I· ( han).!~ •mm

Rank U.111k \lark.cl sr Retail '<d lfatk \lari:m l\t•t·k \j.!o \\1ek \;:o

2 3 4 5 6 7 8 9 10

11

12 13 14

15

16 17 18 19 20 21 22 23 2~

25

2 3 4 5 6 7 8 10 9

II 12 1.1 14 15

16 17 HI 19 21 ,, 20 23 25 24

Tucson AZ Las Vegas NV Decatur IL

Indianapolis IN Terre Haute IN

AZ NV IL

IN IN

Evansville-Hender.;on (IN Only IN

Peoria-Pekin IL IL Springfield MO MO

Lafayette IN IN Joplin MO MO

Springfield IL IL

Kokomo IN IN Elkhari-Goshcn IN IN

Wichita KS KS

Champaign-Urbana IL IL

Fort Wayne IN Muncie IN St. Louis Mo (IL Only l

Fargo-Moorhead I NO Only) Topeka KS

Loui" ille KY ii!\! Only) Bloominglnn IN

San ,\ngelo TX Bloomington-Normal IL Soulh Bend IN

IN

IN IL

ND KS

IN IN

TX IL IN

32S.S 354.4 340.3 343.0 344.0 341.5 344.I 314.4

344.9 315.6

345.9 346.0 346.7 322.8 343.0

347.7 345.0 348.4 .~29.2

329.2

.l47.9

.l46.5 128.8 .146.2 346.5

\}( \/11d1r 11,11, 1111r 1'11nl1.t 111 rl1,· !''• ,1111,~ lt·11'' /'lf1fitdhfr 111,ui..i·t,

290.5 301.5 276.3 28 l.5 282.4

279.8 279.I 276.9 283.5 278.1

282.3 284.4 285.9 278.2 2810

286.8 284.0 285.8 286.5 284.6 286.0 285.6 288.5 283.7 284.9

/,, fJ:wl,:, \11:14tt Hint llt1H' Nei ti1<'d !'11( 1'1 f1,m1 J(} or 'lfi 1!'(' !l!llf/f!e ,;.if(,,n,

n·~,1·.~ ':_,•,1 U,u1J... \\./1, \Fl111t lftt:' r,.,li"-lf' Oak l<!1t1!.. U·t1, /.a,t \~('1·k

8 • OPIS R~:w F·Jcl W.Arc11

295.3 304.J 278. I 283.0 283.0

280.0 278.9 276.4 282.0 276.5 279.7 281.6 282.5 27-1.1 276.5

28 2 .0 279.I 280 i! 281.4 279.1

280.5 280.1 282.1 277 (} 278.1

-4.8 -2.6 -1.8 1.4

-0.6

-0.2 0.2 0.5 1.5 1.6

2.7 2.8 3.4 4.0 4.6 4.7 4.9 5 .0

5. J 5.5

5.5

·' .5 6.4 6.7 6.8

0.7 0.6 -0.1 0.2 0.1

0.1 0.0 0.2 0.1 0.2

0.3 0.1 0.2 0.1 O.l

0.0 0.1 0 I 0.1 0.2 0.0

0.3 0 0 -0.I 0.0

-12.7%

-1!!.1!% 5.9'k

-12.5% ·l·U% -33.3% 0.0%

66.7% 7. I 'k-

14.3%

12.5'k 3.7% 6.3% 2.6Sl-2. 2<'4-

0 .Wf.

2.1 ',f ~ 0'¥

2 O'" 3.i!'il-

0.0',f

5.Wt 0 O'ilo ·I .5'if. IUV4'

November 24, 2008

•

:>

Gasoline Supply Z39,CXXI ,,.....------------------. 23ol.CXXI 229,CXXI 234,CXXI

219,CXXI

214,CXXI 21'.»,CXXI 204,00)

199,00)

1!M,CXXI

1811,CXXI

184,CXXI

174,CXXI 1--...-..--....-...-....-....... ...--.--.--.-....... --.....,.__,......,.--f

~~~~~~~,~~,,~~#~~,~

Gasoline Demand 9,75> 1"""""-----------------...,

Current 4-Week Rolling Averaqa

9,560

9,360

9,150

8,!150

a,7501--..--...-...---....--...-.-....... _,. ..... --...... ...-....-..-. ...... ~

~~~~~~~~~,,~~#~~,~

Number of Days Worth Of Gasoline Supply On Hand

31.00 T"""-----=--------------r 25.00

24.00

ZlOO

22.00

21.00

20.00

19.00 --------...------------

~~~~$~~,~~##~~##~,~

Diesel Supply 145,CXXI ....-------------------.

140,CXXI

1:!i,CXXI

13:1,CXXI

125,CXXI

13!,CXXI .,_ ___ --·---

115,CXXI ,____ .. _ .. __ ..

110,00)

1Cll.CXXI

100.cm1--..--...-....-...-...-..,........,..._,..._,_....,..-_,......,._,._,.--#

~~~~~~,~~,,~~##~~~

Diesel Demand

Number of Days Worth Of Diesel Supply On Hand

36.00 r-------------------. 34.00 +--·-····- ,.--~---~-·-

Days cA 91.q)y oo Hand (3 Year Average)

32.00 "' :Jl.00

28.00

26.00

24.00 /

Days cA Si.ppiy Curn!r•I'>' On Hand

Sumht•r of 1la.\" '' orl h of ""llJ)I_\ •HI hand i., dcrht·d h! hiking the ('llfft•nl -.uµply 1111mlwr~ and llhicliug tlwm hy the -'- \' t•t·k rollinj.! :.I' t'fa~t· dt·111<md 11111nlwrs. Thi-; imlkatc .. lhe halant·c hdnt·en ..;uppl! and demand and 'h°'"' ·~hl'lht·r demand is out1>ad11g .,lot·k huilds or --tock" arc ahlt: to r('pkni..;h at a ra~tcr ntle.

November 24, 2008

---------1-11.1.1ttml;Mlm!U.i&Mi·lll€----------

• lkhrn j.; an c.;limatcd "napshot of rt·liner profitahilit~ in Jlrndudni.1 a i,:allon of' tht.' rt'le\-.mt fud in a giH:n n:gion. Thl· \\'Tl t-rude 1irkt• is conwrtt·d to n:nts IH.•r gallons and -.ubtractcd from the do,.ing 'l>Ot r>rit·c t•ach du~. The rl'sulting number is then aH·ra~cd for the '~t·ck and dmrtcd ag.1in!<t the a\cra11;c ~prt•ad het\H~cn I I ~no~ ;Hi.I 1 l/3 I ~Oil.'. · 1 ltt· l{nl I iHt'l

Gulf Coast Conventional Gasoline Basis To WTI

180....------------------. 1'40

120

100

ao eo

___ °"'""'~ 40+--~-~----~~~~----~-1~--~·~i

20 .J-.-.-..--....-

0 P"-·-·-··---=--·----··c·'"--

·20 --------------------'

~~#~,~#$~#~,~~'~''#

New York Reformulated Gasoline Basis To WTI 70..-------------------.

60

50

40

30

20

10

·10 ....__ ______________ ___.

~#~'~#$~#~~~~'~'~#

60

50

40

10

Los Angeles Carbob Gasoline Basis To WTI

o..._ _ __.,__ ___________ __,

~#~#~~~~#~,~~,~~#/

Gulf Coast Low Sulfur Diesel Basis To WTI

~...----------------~

20....._ ______________ ___,

~#~'~#~~#~~~~~~''#

New York Low Sulfur Diesel Basis To WTI

100-r-------------------.

90

80

70

80

50

40

30 ~......_ ______________ ___,

~#~'~#$~#~#~~'~''#

80

70

60

50

40

30

Los Angeles Low Sulfur Carb Diesel Basis To WTI

w~------------------~# ~#~~~~~~R~~#~###

,\II Price'\ In Cl'nt'\ Per Gallon

l 0 • OPIS RffAIL F•J!:l W.:.JCH November 24, 2008

•

:I \-·~-~

.... NORTHEAST REGIONAL ,... Fun MARKETER PROFITABILITY INDEX

C'u·rr:1~! •JayoonodtetW(~Ql11111 !JAe1n1j11t1 7 08

o "JP~ ;\~JO "° / d,J'j pp.nr.d be!'11t1en 11 Q4, 118 df'"ld j 1 ~ i) 08 Mr"J1th Aqo ~ t ·::1.a\· pewJ-0 between 1 il' f J C.S ,::i.rxt l () ~O. 08 Nf't n-.e j(•iil1t r11J(lfl194?IOSS 'nd()13t, 5'.atR :;ina 'r_)<:;,)J ta:.e-.;

oiu:,. 1 :'Is per gdl for!rl?'1yht

Prices Between 11111/08 and

11/17/08

Top 10 BEST Earning BRANDS ... c.r .. Weell·Ap ........ .., y ..... ., MllfWyO-. R .. lrlllll o.tlets Retail Net Riel ~r -:r . ... Rlllll .. Avt Rall~lvt Retail R• 1 Noco 36 261.0 201.1 140.2 81.1 69.4 -89.4 ·65.3 2 Kw1k F1N 290 242.3 184.8 143.3 41.5 43.8 58.8 48.3 3.9 ·83.5 -65.1 3 Gulf 1,052 227.7 182.4 144.3 38.1 41.4 61.9 46.6 15.2 ·1:12.4 -57.7 4 Go Mart 93 224.4 172.6 134.8 37.8 44.2 41.8 47.6 12.7 -91.2 ·92.2 5 ummart 75 229.5 176.8 140.6 36.2 38.9 51.7 42.4 5.4 -79.4 ·65.4 6 Get Go 70 226.4 174.5 139.2 35.3 40.0 47.6 44.5 6.2 ·1:103 -71.1 7 Fast I rack 44 239.8 177.9 142.6 35.3 35.7 54.1 39.3 11.6 ·84.1 ·64.1 8 l:ipeedway 50 221.8 169.9 134.9 34.9 42.8 45.7 46.1 13.2 -98.3 ·92.6 9 l:itewarts 255 237.4 179.0 144.3 34.8 37.0 54.6 41.1 8.7 ·80.2 ·58.2 10 Luk Oii 363 219.7 182.2 147.8 34.3 42.2 64.9 46.6 17.4 ·88.7 ·58.0 Lowftt Hoyal I-arms 82 196.4 157.6 144.5 13.1 13.7 49.8 23.4 7.5 ·97.7 ·61.0

Mertcet 19,441 213.9 168.8 142.5 26.4 30.8 52.9 36.0 10.3 ·89.8 ·63.4

----···· 1d~·1m:111111111m11111izs.111~i~11t '" c.m. w•Ap ... 30-0., y_.. •• ., MlllllilyC..., ... ... o.dets .... .... ... .... ... •fll• .. ... Wl•Avt 11tt• Ra

1 JairestaMl NY 53 272.4 215.7 144.4 71.2 72.1 06.3 76.4 9.9 ·79.3 ·64.0 2 Bunnglal VT 104 248.5 213.6 152.8 00.7 72.4 68.9 71.7 18.0 ·84.1 ·55.9 3 llVashlnglon (DC Orlly) 82 234.8 199.9 140.2 59.7 676 97.7 74.0 26.0 ·97.0 ·59.0 4 BulfalO.Niagara Fails NY 317 263.4 202.4 147.3 55.1 59.9 75.0 64.0 5.3 ·87.9 ·63.8 5 NewYOl1< NY 1014 258.5 199.9 148.8 51.1 56.5 72.4 58.4 16.4 -81.2 ·56.8 6 HocheSter NY 347 254.7 192.2 145.7 46.5 51.1 69.9 55.5 7.3 -89.2 ·62.4 7 uutcness COlnty NY 124 247.6 189.9 148.5 41.4 44.8 60.3 47.8 11.8 ·78.4 ·56.5 8 ~NY 102 246.4 183.8 142.6 41.2 46.4 58.4 48.7 4.5 ·84.5 ·63.9 9 Nassau-8ultdk NY 009 246.8 187.9 147.3 40.6 45.5 63.9 48.1 15.2 ·83.4 ·56.5 10 Newtl.lr!jl NY 126 244.8 187.9 148.6 39.3 40.7 61.6 45.0 11.4 ·81.0 ·55.7

-- lib·llfllrt:iillll1IM.llllu?•lllfiMllt-m '" c.m. w•Ap ... 30-0., Y.-Ap30-0., MlllllilyC..., ... ... o.tfets .... .... ... .... .... . .. ..... W.Avt 11tt• ...

1 New Loodon-Nof'wlch t; I 45 219.0 148.3 146.6 1.8 5.9 32.5 11.1 11.7 ·91.4 ·56.4 2 Hartford t: r 579 220.4 149.8 146.6 3.2 8.9 30.7 12.2 13.0 ·811.4 ·56.6 3 New Haven-Meriden CT 286 222.7 152.1 145.9 62 9.2 31.5 13.2 12.3 -86.0 ·56.5 4 Parkersburg-Manetta ( VW Or1l 45 196.4 144.2 135.9 8.3 17.9 18.5 20.7 15.4 ·98.2 ·90.9 5 IA:lver lk 51 193.4 153.7 140.9 12.7 13.1 47.1 21.6 8.4 ·92.3 ·57.5 6 Nortolk·Vrgnta !::leach (VA uni 579 191.0 157.8 143.5 14.4 17.2 62.4 27.9 9.8 ·105.2 ·57.1 7 VlflfllllnCl-"IVlle-~ NJ 36 189.0 159.5 144.9 14.7 10.1 57.4 23.8 6.4 ·96.9 ·54.1 8 Hoard<eVA 126 190.8 154.0 138.0 16.0 'l2.7 53.7 33.0 8.4 -105.5 ·67.9 9 Johnson City-Kingsport VA 57 193.0 155.7 138.1 17.7 24.3 49.2 311 12.7 ·98.3 ·66.8 10 Spmgf1ek:I MA ZJ7 208.5 170.0 152.1 17.9 'l2.7 50.0 28.2 10.0 ·87.9 -55.9

12-Week Northeast Gasoline & Diesel 12-Week Wal-Mart Watch

--... 79.1 1fU

'" 11$.7 ~

/14.4 ... .,, .....

911 918 9115 9122 9129 10l6 10/13 10/20 10/27 1113 11•10 11117

Curren! retail average based on reconc1ied credit card transact1ons received l1y QPIS lrom !he 7-day penod bet·...,een !he previous TiJesday throllqh rt'e most recent ~Aonday Due to <11e way cred•t card rece·pts are reconciled. a lew additional tmnsact1ons may be received for the dates that already C<lmprise the curr..;r'lt w8ekly average Minor th1ctuat1ons in ttie a:ctual aveuge may nc:cur as a resolt Rack averages are bdsed <Jn me (jady OPIS average for Hie 1nd1vu1u.:t1 srarivns t1uon9 the t111)e µ.:!111,Jd for the .3ppropri .. 1te prcyjuct ~11ld nt the '~lat•On, BranrJed stat;on5 dre rna!ched to the apprr;prrate supphers at the c!osest rack If we are ur.::ible 10 nntch ,1 br:-tnct ton t11µpher we 11se the br;rn"jed average µrir:e +r0m the closest rack ;~ll reraH brands cif~termrned to be unbranded use the unbranded dvt:r.~yf~ price ~lt the ,~1o<;est r<lc" All prttf}S: dre for rcgJJlar uPlf'.)adod g,Eoi1n13 <Jr rj;e"el only and are .n cts per 9al

Great Lakes Regional Fuel Marketer Profitability Index •S publ1sl1ed bi-monthly as u :,upplemenl tn OPIS Retail Fuel Walch by UCG fwo Wash•ngton Center. 'H.37 Wdsh1ng!o111dn B!vrl S .. 1te 100. '«11thersbcirg, MD 20878-7364 UCG cl11et iJ<ecut1ve otf1cers. Bruce Leverson. Ed Peskow1tz 2D08 Reprotlucllon ·.v1!l1out µerrniss1or'I 15 proh•btted. Circulation Office: J01-287-2525 Fax: 301-287-2039 Editorial: 900-275-0950 Slaff: Brian Crotty. 'Jen Brockwell. FrerJ Ro<ell Jnd S1ep11an1e ~Jr-wtc.n. Postmaster: Se111j addrecis (.r1m1ies to OPIS Retail Fuel Watch. Two 'Nash1nqton Center, 9737 Wash1ng1on1an Blvd . S111•e 1 00 Ga1lhershurg. MD 20878-7:J64.

Fmm rh..: f'ubli-.h<.:rs t )({)ii l'ricl' lnformcuion Savi..: ... & Oil Fxprl'SS

Rack-To-Retail Margin Profitablity Index By Brand

_,. - ..... Unirn.,1,rt ..!24 9 Bp L?4 '.:t Ki1111'. Fili ::"3 5 Unt;1:1wiii'i 223 J ".ihl!Olt 272 1 Sa1ns }J! q (,,/lf1t M:i1ltn~:.1 ~!) 9 Sw10ce .:.'3.? cv,N"• 2ic:i s O.CtGn z1·; '.l !'ur .. ory H1U ? ! 7 tj Avg UL7

:!:;tc., ..., .':' ... !1t'•lrty ;n;'t Curnl.J4,"'l'.)r1<t 2 H~ ? t 'Jl<.O•I 2t6 3-Gulf :0a n .",h('ll ;'11 5 ;;ims l"CO '1 U11ht,lfuf~1 ?.\14 : Sl•fl•;t:o .?Utl ! flrggins ·u 1 a WJ.ftla :::01 2 Bp ~OJ (I

{: i~~~:;~ .;~~J •

1 ... tf\I .?tlfi1

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Avg 2:07.J

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Baiu;1--1 ... cwril JIU

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1791 , 58.9

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J 2 2$.4

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Rack-To-Retail M,1rgin Profitablity Index By Brand

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;...iJ'r (.;'! Curn!nl Mar9in • 'r• r< ~HI >::"·~ rre P;Kk ~i.• d·".(:'1rt( :h•: 11rci·<-''I :;r.'t1• •!" 'AonU1-A90 ""'atgtn T~~fl f'!:'l1! 'f! v1;1r: ~n 'i1~-: 'Hl Pf'!fl<)\j i-l',1Lli)' 'i·~ JO-Day Rolling A119 .. 1 • •; ,),{~'" ;e •lT·[ i ~·J 11 J 'i r, ._ ,.,r •ti: .~,hf ~'! :!d·r21 'iear·Ago 30 Oay Rolhng Avg TJ··2 1-.. 11"'ri0 :r C' \f) ·,!'I'"· year o·;•) Monthly Retail Charig• n-.IJ ::.t->ar QC 11" \' ., 1v::1:1'.:j: µ<1<~\~ ~'..:ctr·'"'

..... <.~·,;!\ .' ~: •T'"r !r ·1qu Monitily Rade Chaoge rto.:'J cf" ,wq•~ ir~ ltif• "n.;i1?-;,1lf', ,.r..t tr,.,r· •'JJ:J(Th1 o'H'e d'(,1,\h 1~p. pr11~tJs trJ1 '<":~Jul~1r •J1'i1J,;..J•'!r:l r•1 H.:os81 .,, rl

~member 2.+, .!00\l

Rack-To-Retail Margin Profitablity Index By Brand

__ ,.,. ... -:.ull t:r.t1,~n·i~~; ElD'Pf'l

Suf'hlCI) Crt <it> tip i)O:!Mdtl '.'.,l)pf:fl l<;N;;. f-H

ftJ!1'1ff1 Hilt A"9

launt1r PA .,... •·tllll Gulf '~{J 4 Un;rTl<ltl ;,.'H} 1

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ll'Wfl•••·• ... -va~v,., ;·.~0.2

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9 210.2 ·-·-Ill - ..... I Jntir i1n11'1d I: jJ 8 Gull 2J:) 2 (11.,Je K 124 9 C1Jrnt;et1an'1' ,","17 4 h1t•l1'J ?2<) 2

f-1~~van ~~~ ~ ~~~~'a }~~ ~ SJ's ;·;·;:; 3 Sminto ;:2 :> 1 M\'h1! 2?5? fH()f'I J26 _;,: Getty .::'-1.0 A119 22&.S

=:c•o..r1-s"'P !. ')n.:-p .1:2 1 Gurf ;,':'f)9 li.11•.L•ll 2;?9 J f (iQf\ 22? .? lrvlli\l 21 7 .I '3unOC•) 22 l 9 Uol:lq1trJOO ;"Vi 0 li""A$ :·14 0

;:,1l~i~! ~~~ ~ _; ·f>.loivfi:n .!1-1 0 (11ff'lbell.l11d .'13 o ")Ile/I ~'IC}!} Cw:ie I< ;:1,1Ji!i '-)Jrnc; ?! J .! ~.lo!fly !lJ 0 ... 218.8

~=-··· r tt ... u; ~~ C1t•1• "-ctnr;,t1f'l() !::: ~ .. vn Nd,;.1 l{f: '·Cl•J;.")n U'•r')t<ir~CI \~.ii;;<>J :th.•11 re.r1n

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176.1 U0.9

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159.Q 137 2

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0 I 197 •?"tt ,;·)

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65.2

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:.::r·J*it '"'·V ~,,, •:t'r '"•: ~u~! 30 l"1,, Year-Ago JO Oay Rotting Avg:

lO 1!oJ y.,..1p

• .,l'1 1;>.1 it ·1

) ' .1/ 1 !f,'?

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10-°" , ...... • ..,l!J

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lO·hy Y..-A,-.... ,.~ 82<'

: l

3 ' 6 1 r,' t~ .: :'\I_}

I.' '.} ·1 6 6 •) -0.1 ; I 9 ~ 9 3

10 0 ~ 1 1 66

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16 ;-15 -: n D i.? 3 12 2 1 / 2 l;:j ~ ti:: c·' 8 5

l'J 6 " q

·82 ~ lfJ!:.' !•) 6 13.8

._.1•:"1 ·;""' Tc•·!" .q·~ Monthly Rack Change f'"'f' .,' ~·'•;~: ,, •t'-l ;,.t-v·.,,:,.~:,-J t'.t r.·;~1

.,~°':: ·H 1 '\:',4

·31 .::..: t, -":() _, ·,, ~ 14 J 'i):

4 ·11 rl ~tJ)

.I .,-: 1 ~ i)q 7 ;) 1,L 1

. ..;: , f,Q ! ·98.7 ·67.8

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.:-GJ ·fJ~ U3 3 t\1 r,

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J,"l1) 2 ffi I} 80 4 r);) 0 81 t ,;.,, 6

,79 2 63.9

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.;g .t ·tl:)_t ''3 5 .:,4 ·;

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:~; ~u .a.; ~ .;~5 1 .;- : 3 ·61 J •. ~6 6 ·Ll 3 ·82 I) .;::,t; 2 ,:::9 q -!1 1 ·79.0 ·SU

• .::-"' °'::Ir -!~ 2 ·J1/J 8-t 6 ">&.A qe 3 ,.), 1

-1v1 O 5~3 -(11 8 f;H} 8! 7 ·:>-"-6

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':-J1 f .:;4 q ·31 -: <~$ '.) ·~~ J ::Jl? .:)'IJ:i .:,Q ~ .<f.l 7 -f-51} -91.1 ,5..,

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... ,u:.s....-.......... ... ... . ........ .... \ ...... ~., .'b-4 '1-)4 ;43~

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11<1-loll .. MY ..... . .... ·.::r-.osll 2:;.i] M·"b•I '.:;.-1 0 Gu11 :'4fl. B t1~ ~:-18 2 -;iinoco 24\l 1 i..:t;li.<..L~I }5 1 '1 Getty 2.i.· .t

(1!•)•:"' '.?.46.4 ~ .. .-.on ;_;.17 q V;i1e10 2iHJ6 PtlOI .(45 9 H~-ss J4,l 1 ube1ty '..i.t.4 Qi._ Pqtr,,t~rnnl.40 l Nixo 240; Urit)!-l:nded 2.a 1 3 / ·l-::.!111rP.n 23~ a Sn,tm10Ck .l-IU !J r''"'lnl , JS 4 P;:;fro l<.109 233 9 I ui...1d 23i' ~ Tnx.~c:l'i .>35 ! GJ's .231 ~ Av9 .'a4J.5 _..,. __ a

..... -Gull 2:31 J Moss- )-">4 8 F o<:""n '(1;17 ~ ')y1,0LI) 2£') ~ ')hell 22$ ~ f\(,;r-,1 }_}? s C-1liJD '1"?-1 3 \/:£1.ar(I ~19'2 lit.' 222 0 fr,1vrtl.-'C'('lh?H220 S lfVU"'\J 2_?\) ,.) PilVt 11~_:) Untiianr1€"J ?19 i fhnrnlfJ!l'> ~18 S 1}0lty 218.! :.:;!~1p & $hl"\(J 'l lfi 1 f.[j<J,,.~Jl'I 11; l •tr.HT\.1Jt ,11'.l J Cumt)rtr!Ji11tJ ;:t'J 9 lLMart 214) '-'<J1!';S 21 t l BJ ,:Cl\.1 C0-:;,._0 .;tl: 3 Av9 2t9.5

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'.; d~ro ;' '.'j 'l Avg 220 0

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.... hdl 1')'.i. I 148 (I 1 •.t ii !.t) ,1

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.... hd1 t644 14Q i 1•.t,j 1111 j ~·.} •J I 1() '}-1,;i<) a 110 J l·.;06 >-16--: l<l(j J 14.,:; '--.·:ir~ 1:.)? l 52 >j. 1·;::.1 !)

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Rack-To-Retail Margin Profitablity Index By Brand

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<180 -tV3 ·Y.l q ':13 5

-100 J .q1 2 -1111;: •j!:J 'lllJ J '.'.IJ-;-

-HJ-$ :J -JJ;:: .·n.: ·99.1 92.3

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g~~ob.-)rl~nd ~~~ ~ C111ll U.2 1 f·f.:l.(h"}I'\ 222 0 Slt1p & Shop ,., 1 S '.l Aw-9 226.2 , ........ ..... . ... Shvru ~c~ . .h l V11t"r\\ :;11) ( Gull L:.:9 8 Unt,r<t'*"1e'1 na ") 1'·El1.11vRn- 114 5 i.~ .... n .'1} S (';imbfttfantJ ~,'}1 8 Stien ~::7 s C11go ?24 ~

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.... . ..• 1 ?~} ! 1-U~ 3 1· .. u 3 1:;:..i gi 18'# 7 IS l ('/ 189 4 151 0 189)1!117 1;'.l('I J 11}.I 1 1887 15Zf) t88./ 103 ,' 194 2 153 7 H:ll tl 1S3 7 177 .i 15.11 187.7 154.3

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£;t6 6 -87.8 ·58.7

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'l") •lri !

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9.8 SS.7

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~ ty r., 1-r.\,d Current Mar9in Tf,1-' r~~t •"'·> •h; Rci,.J. l•l J ,,i:;.l;h 'r": "r.t,;1.;:_·:1p·1·'.t '!' ''t}I'• MonO"l·AgoMargin - <··e u +l 'l'.Jr';1n t'r il"P.--: tttv ~·,;>r·,:-·.-1 ~.Yc1(.;<':1 'I'•' »»·p1f1 "i·J'' JO·Oay RcU1nqA~9 ~ r· l,f ff"':- ·1·!r •n.•,.:- hi <q J,)·1 ~. Ye111r~A90 30 Day Rollin9 A..-9 "1:11 w ;1:,qc '<~l.'l.(di:TN n1w.1;ri •.-3 '.t,c· 14)-'iJ.-r j.:<-:!'i·1•1 t'.'1'.'l:1·:;t1 Hit'?: jC>.Jr Monthly Aeta•I Change Tre c' ,_,r ;;if· n

I'( I I 1: f'l"'"·ih HF1 Monthly Rack Chi10Q8' rr • .., r "'::Jl1(l(~ ,rl ih.(' hh;lr;>5-11(l ("3-l t•.,ir~ ·;:qi.;ll'i !'('f: ·"C1r·lt'I ~"~') A.I j)f;<;,:':i 101 ,__,,,ulm \)f ·j1tJ<:]•JI ,n>;

~mcmlwr 2-1 lOOa

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: 1•e10 ''-'2: f,:,.t,h"<.' 1 lf;.j ·1.h<Jh.,,(!"1fol;lf;!o' ')~ 9 U11t:i .• n<1e1 ! ;) 6 7·t·l~V!'i) 1'!3 2

?11,·0 :~] ~ si-: .... :1rt3 1 J:J 9 r~.Ht1 19':' G ~ ~•;m 194 0 Hr:"'" 1Q1 .l P.J .i 1 'l(l 1 L1be11.- l~l)/ P1L\t. l!;'L' :f M<1P';Q 1!532 W.tWJ 1(j? 1 '.iheftll 'R6 iJ l'.111,)J'f('<., :t:'f> '! f-1.1,>tw~y 1 fit;) 4 r:··~;tr;o 13.t 9 l<.t«;JC-t !'3'3 4 Sa:ns 1')0i:l Avg 191.3

:?,,? 14 ...... 111 J •.h;;t ! :.r) • !:> 3 I:). •) ~ '{" f) \ .'l '! '-,:, 8 ''-l f, '39 ...

'{)) 1.\:1'.J.

'% l:>.iJ i ;.::, 1 J.t., '.'! •i:<i (} 1 )J 0 rn<3 4 ·~6 ti. 1.'S 4 i:.o ~ 177l U16

... lidt 133 ::i 14{i ) 104 2 HO 6 1~)·) q,):, 1"51 B 1.tfJ 0 113.! 4 -.i1 I) I '.)8 <, 1 VJ 1 11lO J ~40 J 11~Q ") 1 JI \J ; .:,~ ~· i ;q 1 1~,:) •) l H; 4 IQO Z 111 1 1'l1 1 1J~f 1 t~l\31-12~ 1"'-.;I 6 \ t<) j

~·:o ::i 'no 1:,8.9 •41 1 1')7? 141 ') 150 7 q,1 I h.r:'.J Dt'.11 l:J·-1. ~· 1].~ q b3:, qQ; 1;,3.2 1-10"' 1')3 6 14 ! 0 1 ~}_ .. ~ .,.,.. 8 1~1 ') 11•) 1 bO "J •4f O 1.i! 8 141 2 t57.5 U0"4 ........ , .... . ..........

L•l"~irtr 1'"t-i., bf.~ iJ4 1 uner ,tnlieid t '.14 i) 1 SS. 8 135 1 f.1•.J:..:0 t·J60 IS7~ 13d!J :wJ..,~j:"•folltJen! !)9.9 tf)t a 1"28 t ... ~on FVi 9 1S7 ~ i'39 t -.l.<le10 1.;__.1 Ll 1§'.'. 9 J'}4 J <:'.•IQO HJ<) t59 !l t41 ~ S.h&Jll t·J4 1 I 51) 1) 1.)8 d

w;j~,, rn: ~ :~~ i : i! ~ 1'1;11<t~lr.enU?1$!l.!6.i 1:->0G 11S f Chevton 110 J tS~.8 138 O Pilot 187 6 Mil 5 U4 7 Getly 1'J1 I 153 0 iJ~ 6 R-h·t>w<i'I' !8:'l8 H7il 1147 <aw;rH'J<J :~') 7 !.!J ') 1'H 7 r.f.t&von nib~ l P.8 t'JO 1 •';;()\48f1 ld5.t lA73 1:156 ">unr.<co 1~/9 l4Y,t' 1J85 Slh\e11 tfiJ 8 14, ! 1J4 / Kr·::qwr t'1:3 8 l i5 7 l1-l 7

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_,Avg 189.5 151.8 137.0

( -.; ::::·· ,., ..... ... ... "' r;h~m10Ck .Ff! 'l 212 I 1S(J 5

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~::~ ; "j(J i 38.4

Rack-To-Retail Margin Profitabfity Index By Brand

............ ~., Cl 1

" J :i;) 8 ;)4 .. ,, 1

:.-1 3 18 4 ·)0 <' 1~~\ .$ ')j,j

6..' 1 :i(:l. 0 JS a 14 :l "t: h5 J ,")Ii ,o J tl)~J 440

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·~ 0 f'J_ 5 a:u 7t s 71 l ~5 a 07 (J 64 !J 5q, 1 ;ti:) '2:) ,n:; 66 2 :ls J 50 ·~ ')(1'!

619

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100., . ..,~., :;; i

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11 2 ·'!J l 1'3t:> :JOF.i :>. ~ .·11 ·' ; a .(11 ·3 !~ -1 '-tl 6 ) ! "1Gti 4

1 ! ii B') J ; 5 80 l

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·~14 -~20 4'f 854 Q1]

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.;5 ~ G2 1 t 8 .135 t .51 B

.;<J ':> ·5'1 6 9,9 ·90-' -60.2

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·'20 (1 :.} 6 05 I~

1::: J II l ?8 1 g ' I 1 4 .'j 1 o• J) 06 ,, ?. fH:i ? \ 1 9 ll 3

' 4 -108 5 5,9

lll-o.,r-• •.-,111

.\ 4 38 ·23

12 t l?. ;3 5 l ~5 J 2 BS ') 5 ~~ 0 Q ..

1J 1 ·' 9

14 2 12 7

2 6 l 0 ,, ' 5.1

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·167 75.8

Ph11!1p<; f,(j ). I? 1 l "J 6 '5 I t' c.,,1,! ..'.~19 !!:14 1~19 $1111'.lCO "'0'~ 5 l !I 1 1'•) 8 ~-f•~Y<'"n 'li) 5 1 ~; ,; 1.;:i "! MoC1I :'.08 4 110 0 l)~ t

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tr=·" Gulf r.x~cn \t',llP,fO Sll'"W<ltf\J Sonoco ~fob1i He~.;; Ur1t,tr.1n.Jed f.'.ilM Tr~d

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-Ill .... Gult '.!nn(Jt;t;

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~.;::~~(j Ur:tir~v11ed \ iberty Bp Hess Getty Oo:Jlla l'='i<·.ldru('lner Kw1k hll Avg

11t1at-•-11 ..... •/atert1 £)1n:m Fas! Traci.. ~tewaits

fa1r~~~I

.... . ... 1 ;"'7) 119 8 182 8 145 4 17$.5 141 J t7'i 4 142' I 1 ;~ ;> 1..tS 5 17"3 q ,,-;_;2 h3i19 iJSJ 170 J 141 1 1 "!() ' 141 7 1 /'J ; 1.tt G 169' 4 141 4 !Of 4 !3!3 8 108 6 141 '5 l !9 1 152 2 l !5 8 t49 2 1fi:> 9 141 4 l!).t 9 Ul 6 18!.5 138.5 16.1 r 141 4 171.7 142,9

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..... ... .... '."'41:) 2 1i'IJ 5 14•) 6 ~WJ9 1859 t!.15 2404 1n.4 i43f.i 13'13 Pll& !4~0 '..:-IJ4 t806 ,4.~5 ;:4e 7 Hl5 a 153 4

Swh~t·o ~·12 7 It~) 9 U7 6-Hp<;_~ 212 9 169.9 139..2 Unbr"n~1ed 136 '.) I ?3 4 143 $ Optim.; !J5 9 t t"J 1 14J.8 BJ 'i .!399 1/6 5 1:->J9 .... 241 3 178.4 145,9

:::-·· ~i::· .... • .. ~~~a" ~z~ ~ :~~ ~ ~!1 ~ 'N:J11<1.l 11l92 159 l U'j4 Ya1<H t8? q 158.4 143 (!

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:r' .. = H" 1.0 (i<•lt·1 ,.l4 ) !'":5 1 144 : ;.·,~1<.'.:J ,':tl .' 1'.;!32 1.isv f~l'"lil --,~; '] T•il' •1 l h 0 (,t-,~,,1rm _,:I 0: 1;.;f, 5 1 H ! tJµ .·::>'!" nu 'J •v .. 5 F n'.in !?.l 1 1'1t.: 141)) ~!.,,.,r;o '!1,; 1tn i !~:~}

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'Id~ ;_:N•.'<l Cunent Margin ih: ft~t '<:~:>th"' ~-1<:k ~,, l:'-rH, 'Ile ,m~· .. 1edp1t.'11 ·~'<WJH1 Monih-Ago Margin ib<! r:irdl\ mdr91n tor th~ 7-ddy 111 on:> :ru; th :<JD. 3a-Oi1y Rolling Avg r:~,_,, .,,.~ pi;nt ·f"1q-r. -· .(:t t~t') p.1.sf J<1 :l'fr1 Vear-Ago JO Day Rolling Avg "'r;-." ;1ver~qe o1rplr:.¥l ;.::t1Jht •:i:i•·11n to1 :1i.1 3C"day poer;r.Jd ,:;>actly 1;nc \.-ea1 'l:Jt· Monthly Retl!U Ctiange l!'·j·; .r 1• C" J.:»' t'j•.' r:,,,'"'p P" •> ·K!i'/ ,,...,e '1~,_,rJh ''10 Monthly Racli11 Ctiange . Tr-,e (,l~.-il"·j>: "' r>-:,~ ·.\;t-c1n!.al+; ~r:~t fro,,1 P•.'l1:Ilv 11·r1Jnrt- 110 Al! ~r1cC>s fr;~ ·t:t,1>,l<:i:t ,m1e.10Pd •Y :!,t!.et 0n!y.

Rack-To-Retail Margin Profit.1blity Index By Brand .J•;h'"' "~I· •V f' I] J "' • tt).:., ?ct·' "d ;,;: ~ ·111 3 .t1 G ~r~~o };?!i ~ 1n2 1'13 2 ;i:,1 lf.1 l. ' A I :1:, f,J l

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') NY Bu!lak>-Niagllra Fats r.('( 3442 2712 2032 68.1 63 ! "<1.6 vw Parkerstiurg·Mar .. na 1VW O~lyJ 3225 264.3 206.2 58.0 ·73 1 .549 NY Outcriess County NY 343.6 2730 2041 688 -662 ·431 WV Sleubenvh!e-W,.rtcn (WV Only) 304.3 2JO() 2037 •2 4 744 ·560

-~'. NY Eln>ra NY J26.9 2588 204.5 543 ·624 464 WV Was~ (VW Only) 3199 261 a ~'06 0 ·549 540 NY Glen&FalsNY 339.9 2728 2090 63.8 -70 1 «55 vw Vo/!1eeftlg VW (WV Only) 316 7 256.5 206.5 51 ·€9.1 569

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Great lakn Wa!erloo-Cedar Falls, IA Allen1own-Bethlehem-Ea11on, PA louiwille, KY Ode11a-Midland. TX Sloomingtan-Normal, IL KanlOS C"rty, kS Al!oona, PA Owensboro, KY San Angelo, TX Champo1n-Urb!Jna, IL Lawrence, KS Erie, PA Alexandria, LA Son Anlanio, lX Chicago, L Topeka, «S Ha11i1burg-Lebonon-(arlisle, PA Balon Rouge, LA Shermon-Oeni10n, TX Davenport Moline-Rock l1lond, IL Wichilo, KS Johnstown, PA Houma, LA TexorkOllo, TX Decatur, IL Duluth-Superior, MN lancosler PA Lafayette, LA Tyler, TX Peoria-Pekin, IL Fargo-Moorheod, MN Philadelphio, PA lake Charles, LA Victoria, TX Rockford, IL Grand Forks, MN l'illsburgh, PA Monroe I.A Wa1a, TX S1. Louis, IL Minneopolis-St Poul, MN Reading, PA New Orfeans, LA W"Khita Falk, TX Bloomington, IN R0<hesler, MN Scraotoo--Willm-Borre -Hazlet, PA Shreveport-Bos!ier (ily, LA Cincinnati, IN St.Ooud,MN Sharon, PA Biloxi-Gullport-Postogoula, MS West Evansv~le-HenderSOI!, IN Columhio, MO State College, PA HotliesbuM\MS Anchorage, AK fort Wayne, IN Joplin, MO Williamsport, PA Jack!Oll, Sakerslie~ CA Gory,IN Kansas oa'. MO York, PA Memphis, MS Chi<o-Por ise, CA lndionopolis, IN Springfie , MO Providen<e-fall River-Worwi<k, RI Asheville, NC Fresno, CA Kokomo, IN St. Joseph, MO Chorloltelvdle, VA Chorlolle-Gostonio-Rock Hill, NC l.os ~!es-Long Beoch, CA Loloyelle, IN St Lou~ MO Danville, VA FaU1tevdle, NC Mer< , CA louisvdle, IN Bismarc , ND Johnson G1y-Kingsporr-Brisrol, VA Go sboro, NC Modeslo CA Muncie, IN Forgo-Mootliead, ND lynchiurg, VA Greenshoro--Winslon ·Solem--Hig, NC Ooklanl CA Terre Houle, Ill Grand FOiks, ND Norlolk·~inio lleGch-Newport, VA Greenv~le. NC Orange Coonly, CA Ann Arbor, Ml Lincoln, NE Richmond· alenhvrg, VA Hi<kory-Morganton, NC Redd' CA Benton Harbor, Ml Omaha, NE Roanoke, VA Jo<kson;dle NC Rive:l-Son Bernardino, CA Delroir,MI Ropid Cti SO Washington, VA Raleigh-Durham-Chapel Hil, NC Socramento, CA flint, Ml Sioux Fa , SD Burlington, VT Rocky Mount, NC Solinas, CA Grand Ropids-Muskegon-Holland, Ml ChorleSton, W'i Wilmingra11, NC Son Diego, CA Jockson,MI Norlhtast Hunli:·Ashlond, W'i. Augusto-Aiken, SC Son Fron!ivo, CA Kalamazoo-Bottle Creek, Ml Hartford, 0 Porkers rg-Mariello, W'i Charleston-North Charleslon SC Son Jose, CA Lansing-East Lansing, Ml New Hann-Meriden, CT S!eubenvilfe.Weirton, W'i Charlotte·Gostonio-Rodo: Hili, SC Son Luis Obispo-Alo1eadero-Pos, CA

'.I Saginaw-Boy (ily-Midlond, Ml New London-Norwich, CT Washington, W'i Columbia, SC Sonia Barhoro-Santo Mario-lamp, CA ~ 'ii·r'' Akron, OH Washinmon, DC Wheeliiig, W'i Florentt SC Santa Cruz-Watsonville, CA ', ,. Canton-Mosswlon, OH Dover, E Greenvifft'. ~nhurg-Anderso, SC Sonia R010, CA

Cincinnati OH Wilmin~o11-Neworkh DE Southffst Myrtle Bea<, SC Stockton-Lodi, CA Cleveland-Loroin·E~rio. OH Barns! le-Yarmout , MA Anniston, AL Sumler, SC · Volejo·Fairfield- Nopo, CA Columbus, OH Boston MA BirmilllJhom, AL Chollooooga, TN Ventura, CA Dayton· SpriJlield, OH Pi~ielci,MA Decatur, AL Clarksville=llopkinsvdle, TH V~alia-Tulare-Porterville, CA Hamillon-M· elown, OH Springfield, MA Dothan, AL JockSOll, TH Yolo CA Lima.Oii Bohimore, MO Florence, AL Johnson C'?i;Kingsport·Bristol. TN 8oukte1-Longmont, CO Mansfield, OH Cumberland, MD Gadsden, AL Knoxville, Colorado Springs, CO Porkersburg·Marietla, OH Hagerstown, MD Hun~vMlt, AL Memphis, TN Denver, (0 Steubenvilt-Weir!an, OH Washington, MD Mobile, Al Noshv~le, TN Flogstoff, CO Toledo, OH W-dmington-Nework, MD Monle'.'1AL Fort Collins-Loveland, CO Wheeling, OH Bangor, ME Tusco , Al Southwest Greelev, CO Youngstown-Warren, OH Lewisloll·Aubum, ME Daytona Beach, FL Flogstoll, AZ Pueblo, CO Apfileton-Oshkosh Neenah, WI Portland, ME fort Lauderdale, fl Phoenix-Mesa, AZ Honolulu, HI Du ulh-SuperiOI, WI Portsmouth-RO<hester, ME fort Myers-Cape Coral, fl Tunon, AZ Boise City, ID Eau Cloire, WI lowren<e, NH Fort l'iefce-Port St. Lucie, Fl Yuma, AZ Pocatello, ID Green Boy, WI Lowell, NH Fort Walton Beath, FL Albuquerque, NM Billings, MT Jonenille-Beloit, WI Manchester, NII Goinesvile, fl Los Crutes, NM Greet Foils, MT Kenosha, WI Pornmouth-l!ochester, NH JockS011Yille, fl Sontafe, HM Missoula, MT Lo Crasse, WI Adonlic.(ope Moy, NJ Lakeland-W-mter Hoven Fl Enid, Ok Los Vegos, NV Modisan, WI Bergen-Passaic, NJ Melbourne-fdusv1De-Patm Bay, Fl Fort Smith, OK Reno, NY Milwauli:ee-Waukesllo, WI Jer~ity,NJ Miomi fl Lawton, OK Eugene-Springfield, OR Minneapolis-SI. Paul, WI Midd X·Somerset-Hunlerdon, NJ Orlando, fl Oklahoma City, OK Medford-Ashland. OR Radne, WI Moomouth-D<ean, NJ Panama City, FL Tulsa, OK Portland·VOll!ouver, OR Sheboygan, WI Newark NJ Pe!M(olo, FL Abilene, TX Solem, OR Wau1au, WI Philodtfphio, NJ Punta Gordo, Fl Amorillo, TX Provo-Orem, UT

Trenton, NJ SorllSOlo-Bradentoo, Fl Au11in-San Morcos, TX Solt lake City Ogden, UT Midwest Vinelond Millville·Bridjieton, NJ Tallahassee, FL Beaumont-Port Arthur, TX Bellingham, WA fayelleville-Springdole Rogers. AR Alboov-Schenectadv· Troy, NY Tompo-St. Peter;burg-Clearwole, FL Brazoria, TX Bremerton, WA Fort Smith, AA B i~homlon, NY West Palm Beoch-Boca Ralan, Fl 61own1viHe-Harlingen-San Beni, TX O~mpio, WA Jonesboro. AR Bu olo Niagara Foll1, NY Alhens, GA Bryan College Slution. TX Porllund-Vanrnuver, WA Little Rock North Little Ro<k, AR Dutchess Counly, t+Y Alfanla, GA eorrcus cho111, TX Richland· Kennewick· Posrn, WA \lernphislf AR Elmira, NY Augu1to-Aiken. GA Doi as, TX Seonle-Bellevue·E~e1 elf, WA Pine Blu . AR Gle111 Folk, NY Chollonooga, GA £1 Poso, TX Spokane, WA Cedar Rapids, IA Jamestown. NY Columbu1, GA Fnrt Worth-Arlin~on, TX Tacoma, WA Do•enport·Moline Rock Island, IA Nassau-Suffolk. NY Matan, GA Galveston-Texas iiy, TX Yakima, WA Des Moines, IA ~lew Yorkh NY Savonnoh, GA Houslon, TX Cosper, WY Dubuque, IA Newburg , NY Cincinnati, KY ~illeen· Temple, TX Cheyenne, WY

~ Iowa (ily, IA Rotile1ter, NY Clarksville·Hopkinwille, KY laredo, TX .-:,.: ·: Omaha, IA Syro<use, NY Huntington-Alhland, KY lubbtxk, TX ,,., Sioux Cily, IA Utka Rome, NY Lexington, KY Mcallen Edinburg Mission, TX

{ •.... · ';'?

The Honorable Bernard Sanders United States Senate Washington, D.C. 20510-4705

Dear Senator Sanders:

FEDERAL TRADE COMMISSION WASHINGTON.DC 20580

July 9, 2009

You requested a public report on the Federal Trade Commission's investigation into the possible reasons that gasoline prices in Burlington, Vermont, did not decline as quickly as prices in other cities during the late fall and early winter of 2008. Thank you for bringing this important issue to the Commission's attention. 1

I share your concern about the impact of high gasoline prices on the day-to-day life of consumers and understand the frustration and hardship that are created when those prices rise significantly above those in surrounding areas without any obvious market explanation, as occurred in this instance. As I explained at our meeting of June 24, 2009, such situations receive the Commission's closest attention, and FTC staff conducted a careful and extensive investigation of this issue. including interviews with a number of market participants. The staff has concluded this review and did not find any evidence of illegal activity in gasoline markets in the Burlington area. This letter describes the scope of the investigation and summarizes the findings of Commission staff, subject to the Commission's obligations not to disclose confidential information. 2

The Commission's ongoing Gasoline and Diesel Price Monitoring Project3 identified retail gasoline prices significantly above predicted values in Burlington, and in some Western New York cities, during the fall and early winter of 2008. In response to these observations and to your request, Commission staff conducted an analysis of retail gasoline prices in Burlington and Western New York ( l) to confirm that prices in those markets were unusually high relative to other areas; and(::!) once confirmed, to investigate possible illegal or other reasons for the observed prices.

1 Cnmm1ss1nn "tJll n.:ccncd your rc4ucst for an 1mc~tigat1on during a telephone 1.:onversation last fol I.

~ ~~t!e, e.g.~ 1.5 lJ.S.C. ** 46(f) .. 57h-2~ 16 C.F.R. § .t.l l~

' The Cl;i-;oltnl' ;md D1c..·-;cl Prkc \.1o111toring Pro1ect 1-; Jeo.;crihl'u at http://\\\\\\<.lk .go\/l!cfo1 I ~a.-./ gas prke.htm.

The Honorable Bernard Sanders - Page 2

The staff first analyzed whether average retail price levels in the Burlington, Vermont, and Buffalo, Rochester. and Jamestown. New York, metropolitan areas were higher than would be expected, using as a baseline the normal relationship between those prices and retail gasoline prices in Albany . .i This analysis confirmed that average retail gasoline prices in these cities were significantly higher than expected relative to Albany.

FfC staff then examined whether supply disruptions or other readily identifiable market conditions could explain the unusually high prices observed in the affected cities. For example, refinery disruptions, pipeline interruptions, terminal outages, or transitions to new fuel specifications are common reasons why one might see supply problems and thus higher prices. The staff could identify no such market conditions that fully explained the unusual price levels in Burlington and Western New York last fall. 5

Consequently, the staff opened a law enforcement investigation and coordinated with the Attorneys General of Vermont and New York. This investigation sought to determine whether the observed high prices resulted from illegal behavior by participants in Burlington and Western New York gasoline markets. 6

When conducting law enforcement investigations of this kind, the staff seeks to gain a full picture of the competitive situation, including the identity of firms responsible for setting prices in relevant markets and their market shares, and evidence of any possible agreement among market participants to raise price or restrict output. Relevant information may also

4 Burlington has the only gasoline products terminal in Vermont. This terminal is supplied entirely by rail. The terminal is insufficient to meet local demand, however, and thus local supply is supplemented by truck from terminals in Albany and other terminals outside Vermont. In view of Albany's role as the largest nearby market for conventional gasoline and as the supply point for the vast majority of Burlington's gasoline, the staff used Albany price levels as the baseline for the purpose of evaluating Burlington prices. This allowed them to address directly the concerns you posed regarding the discrepancies between prices in Burlington and nearby areas.

5 Although the bulk of the staffs analysis focused on retail gasoline prices, the staff also evaluated wholesale prices. That analysis showed that, with one exception, wholesale price levels in the affected cities and nearby areas maintained their normal relationships with each nther and \\Ith Alhany. The one exception \\as in Warren. Pennsylvania. where the \vholesalc pn1.:e of "unliramlccJ' (nun-brand-name) gasol111c rose relative to Albany <luring the fall of 2008. The staff lll\Cst1gatmn nindu<le<l that this increase \\as not the result of anlicompetili\e activity.

" The Commission enforces the Federal Trade Commission Act, 15 U.S.C. §§ 41-58 (whkh prohibits. among other conduct. violations of the Sherman Act's prohibitions of monopoli1ation. attempts and conspiracy to monopoli1e, and conspiracies in restraint of trade), and the Cla}tnn ,\L'f. 15 l' SC.~* l '2-'27 (\\hi"'·h prohib11s ..;e\cral t)pes nf an1inH11pct1tivc conJw..:t. 111clm . .hng. mergers and acquisillllns likely to substantially lcssl."n competition).

..

The Honorable Bernard Sanders - Page 3

include evidence that price levels during the time period under investigation followed a pattern that was inconsistent with patterns in other periods.

Commission staff and attorneys from the offices of the Vermont and New York Attorneys General interviewed more than 20 companies involved in these markets, including refiners, refined products pipeline operators, terminal operators, marketers, distributors, and retail gas station owners. The staff also purchased retail and wholesale price data from the Oil Price Information Service and obtained other relevant data from public sources, and used those data to analyze wholesale and retail price differentials between Burlington and Western New York communities in different time periods. This analysis included an examination of the range of prices at different retail stations in the affected areas last fall relative to other periods, as well as measurement of how quickly prices stabilize relative to each other.

The staff investigation showed that no company possessed a monopoly share of any retail gasoline market in Burlington or Western New York, nor was any company large enough to effectively attempt to create a monopoly through illegal means. Further, the staff identified no unfair method of competition that any company or group of companies employed to cause the observed price levels last fall, nor any evidence of such activity. Accordingly, the investigation focused on the only remaining plausible theory of illegal behavior that could explain the unusually high prices last fall - that companies in Burlington and Western New York might have engaged in collusion.

In Burlington - as well as in each of the Western New York cities that the staff examined - many companies set prices at retail gas stations, and no single station owner or group of owners controls a large share of the volumes sold in any of those cities. This is the type of setting in which collusion is difficult to achieve and maintain.7 For example, the staff discovered that numerous firms in the affected cities contract with brand-name companies to sell branded gasoline while independently setting their own retail prices. Thus, even though only a limited number of brands of gasoline are sold in some of the affected cities, it is unlikely that major

7 It becomes increasingly difficult to achieve and maintain successful collusion as the number of parties increases within a collusive group. By way of illustration, the Federal Trade Commission and U.S. Department of Justice Horizontal Merger Guidelines state:

If collcct1\c action is ncl.·cs-;ary for the cxcrc1'\c of market p<mcr. as the numhcr of lirms ncccssar}' to l.'ontrol a given pcn.:cntagc uf total supply decr1'l1Sl's. the Lhfficulties and costs of reaching and enforcing an understanding with respect to the control of that supply might be reduced.

* 2.0 kmphasis a<ldc<l). Consistent with the principle that an irn:rcase in the number of part1npatmg firms rai'>cs !he hurdle'> In ..;ucccssful 1.:ollus1lln. !he \Jerger Guidelines presume that ten firms nf equal site woul<l he unlil-.cly to cullu<lc sw:ccssfully <although there are c.x~eptions).

".,. '411

)

The Honorable Bernard Sanders - Page 4

branded oil companies set retail station prices for any particular brand.8 Similarly, simultaneous collusion across all of the affected cities would be highly unlikely because the companies that set retail gasoline prices in any one affected city differ from those that set retail prices in other affected cities. ·

Other market factors also would have made collusion very difficult. For example, as crude oil prices plummeted during the fall, product costs for gasoline retailers throughout the nation fell with unprecedented speed and magnitude.9 As wholesale gasoline prices fell substantially on a daily basis, the numerous retail price setters in each affected city would have had to reach agreement on cartel prices on a frequent basis - probably each day, if not more frequently. The need to reach agreement so frequently would have made it very difficult to maintain an effective collusive scheme throughout the fall of last year.

Nor did market data support the notion that there was a conspiracy to raise prices last fall. For example, the staff found no evidence that station owners in the affected cities charged prices closer to those of their competitors last fall than they did in previous time periods. The staff also found no evidence that retailers pegged their price levels relative to one another; rather, retailers' prices generally jumped above or felJ below those of their competitors last fall, just as they tended to do in other periods.

Although the investigation did not uncover any illegal activity, the Commission will remain focused on potentially anticompetitive behavior in order to protect consumers. The FfC is always interested in considering any potential evidence of illicit activity in the marketplace and will continue its efforts to identify, prevent, and prosecute any unlawful anticompetitive practices in petroleum and other markets.

8 See, e.g., ERS GROUP, REPORT ON PETROLEUM PRODUCTS MARKETS IN THE NORTHEAST: PREPARED FOR THE A ITORNEYS GENERAL OF MAINE, MASSACHUSEITS, NEW

HAMPSHIRE. NEW YORK. AND VERMONT 83 (2007). available at http://www.statecenterinc.org/docs/Complete Petroleum Report 09-07-07.pdf (more than 95 pi:rccnt of rctai I ..;tat ions rn V crmonl :-.uppl ic<l hy i ndcpcndcnt 1.:mnpanies that purchase \\ht 1k''•1lc gasoline and independently sci their tmn retail prices).

') Between July 2008 and the cnJ of December 2008, the price of crude oil dropped more than $115 per barrel. from just over$ l45 per barrel in the summer to around $30 per barrel during the week of Christmas. Energy Information Administration. "Cushing OK WTI Spot Price FOB," ami/ahle at http://tonto.cia.doe.gov/dnav/pct/hist/rw1cd.h1ml. The drastic drop in crude rnl prices over this trnll' rcnoJ rl'"iUltl'd in large daily dccn:ases in v.holcsale gasolme prices throughout !he i.:oun try.

)

The Honorable Bernard Sanders - Page 5

Again, thank you for bringing this matter to the Commission's attention. The maintenance of free and fair competition in our gasoline markets is of critical importance to the Commission and to consumers, and your ongoing vigilance is greatly appreciated.

Sincerely.

I / '~ ·,

! ./· I l ,~.1 j . ·'-' 1 ,,, ~ '

Jb~~tJO~f~z ~/ / 11

/ )

Chairtnan ·

..

S: nopsis of Tables and Graphs Concerning Vermont Gasoline Prices

Table or Title

I

Table I Annual Average Retai I Price. Regular Grade Gasoline. excluding taxes.

I

/Table 2 Average Annual Rack Prices, Conventional. Regular Grade Gasoline

Table 3 Average Annual Retail-Rack Margins for States

1 using Conventional

I Gasoline

i

I

Table 4 State Tax Rankings

Table 5 2002 State \ttotor Gasoline

1

Consumption per Station

Comment I I

/ Vermont has among the • highest post-tax prices for

states in \\hi ch conventional gasoline is sold.

I

~ Vermont wholesale gasoline 1

prices have been close to / the national average for the

1

last several years.

Vermont has the highest retail to rack margin in the nation for states using conventional gasoline. Vermont retail to rack margin is significantly above the national average.

Vermont gasoline taxes (state and federal combined) are below the national average across all states.

Most recently available Census Bureau data on station Ct'Hmts · n - . s a d El\. tate Cl H1sumptions data ..,uggcst

· that \'crn11rnt gasliline ~ratil1ns. (111 a\ eragc. hJ\ e signiticantl: lo\\ er saks \olumes than the national average and neighboring states.

I I

I

i I

• Recent minimum·maximum Table 6 Comparati\e Price Spreads price spreads in Vermont

communities were bet\\een 7 to 11 cpg. These data suggest a recent price spread of about 21 cpg across the state. These price spreads are not large

i compared to communities

i in other states.

Figure l Burlington VT. Average Figure shows actual average Weekly Price vs Predicted Burlington VT retail prices Range, Jan 2008 to June and range of expected 2009 prices as predicted by the

FTC Gas Price Monitoring Model. Burlington prices exceeded the predicted high for the week of October 18 and returned within range on December 6. Prices fell consistently through the period. but not as fast as predicted.

Figure 2 Burlington VT MSA During Fall 2008 both Weekly Dispersion of measures of price Retail Prices as Measured differences among gasoline by Standard Deviation and stations increased. Interquartile Range. Increased disparity among

Burlington stations. combined ~ ith consistently falling prices over the period. not suggestive of

I ! 1 collusion.

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_)

Table 1.

Annual Average Retail Price, Convention a~ Regular Grade Gasoline, Excluding Taxes. Ranked Highestto Lowest (cents per gallon)

2006 2007 2008

AK 238 50 AK 252 80 AK 337.50

NV 22660 OR 246.50 OR 29290

OR 22580 NM 244.00 VT 291.50

NM 220 90 NO 243.90 WA 284 80

AZ 218 90 WY 240.90 NM 283.70

VT 218.20 VT 240.60 ME 28300

WA 217.60 NV 239 60 WV 281.70

WY 215 70 so 23910 WY 281.10

ND 213 80 WA 238.90 NV 28000

co 213.80 co 237.60 ID 27920

SD 213.60 ME 23710 ND 277.40

ME 212.90 WI 235.70 MT 277.30

ID 212 00 Ml 235.00 GA 277.00

WI 210 70 ID 234 90 MD 276.90

WV 210.40 MT 234 50 LA 276.50

MD 21020 IA 233.70 NY 276.10

Ml 208.60 OK 23330 UT 27580

NE 20850 NE 232.70 AL 275.40

NY 208.30 AZ 232.70 AZ 27530

FL 207.90 WV 232.60 co 275.10

MT 207.70 IL 230.90 SC 27440

MS 207.60 OH 23050 FL 274.10

LA 207.50 IN 230.00 so 27360

IL 20740 KY 229.80 NC 273.50

GA 206.90 KS 229.60 VA 273.40

KY 206.90 AR 229.30 KY 27330

UT 206.20 UT 229. 10 PA 272.20

AL 205.60 MD 228.00 Ml 271.80

TX 20560 NY 228.00 TN 271.80

IA 205.50 TX 227.80 IL 271.40

VA 20510 FL 22690 WI 270.70

PA 204.90 LA 226.60 MS 270.70

SC 204.30 GA 22610 IA 27050

IN 204.20 MO 226. 10 IN 270.10

TN 20380 PA 225.90 AR 269.40

OH 203.40 MS 225.70 TX 26900

OK 20320 AL 225 40 OH 268.40

NC 20290 VA 224 90 KS 267.70

KS 202.60 TN 22470 OK 267 50

AR 202 20 SC 224 30 MO 263 90

MO 282 10 NC 223 60 NE 262 90

us 287 50 us 230 iXl us 273 4C

MAX 238 50 252 80 337 50

MIN 202 10 223 60 262 90

Soc,rce Ene1c;y ·r.forma11onAcm1111str.~11on •E!A• Petroleum rvav.garor Qef1ner .""esen1r a•1d .:;ie.'a.'ArPnces /?a'i0·1"'e ;:i'".Ct?St/.c,J1rri~,,J'""'J'" S•a,-:e S«3·~s ,,_1oe S3es;,...,•."J_,gr: 0 -?;a, : .. ~..:--s r:tp .torto eia Cloe gov.d~av. pet pet pn a;!rrg ct m;s PTC cpgal m htm

• Table 2.

Average Annual Rack Prices. Conventional, Regular Grade Gasoline, Ranked Highest to Lowest (cents per galon)

2006 2007 2008

AK 220.50 AK 234.70 AK 323 00

NV 21790 NV 230.30 10 26940

NM 20500 NM 225.90 NV 267.30

AZ 20460 OR 224.80 NM 266.60

OR 20440 ND 22410 OR 263.80

WA 20320 SD 223 90 WY 261.10

co 201.40 IA 222 80 MO 260.80

WY 200.50 WY 222.60 UT 260.80

ID 200.10 ID 222.40 MT 25980

IA 199.10 NE 222.30 VA 25960

SD 196.70 MT 222 00 MO 259.30

ND 196.40 WA 221.50 AZ 258.80

NE 195.80 co 22090 KY 258. 70

WI 195.80 AZ 220.50 co 25860

UT 19560 KS 21980 WA 258.40

MT 19550 OK 219.70 OH 25820

MO 194.30 UT 21880 AL 257 20

IL 193.40 Ml 218.40 FL 257.10

KS 193.40 WI 218.30 GA 256.90

ME 193.10 OH 217.30 TX 256.90

VT 192.70 MO 216.90 VT 256.50

rl IN 192.20 ME 21630 IA 256.50 \.. .·.~- .. KY 192.10 IN 216.10 SC 256.00 \,"-

GA 19200 IL 215.60 ND 256.00

TX 191.70 KY 215.20 SD 255.90

Ml 190.90 VT 214.80 WV 255.80

FL 19080 WV 214.30 NC 255.60

SC 190.70 AR 213.70 IN 255.30

NY 19060 GA 213.50 ME 255.00

WV 190.40 TX 21320 NY 25480

AL 190.40 AL 213.10 Ml 254.60

TN 190.20 NY 212.70 AR 254.40

MD 190.10 FL 212.50 TN 253.70

NC 19010 PA 212.10 IL 253.30

AR 190.10 SC 211.60 PA 253.10

OH 190.00 TN 211.50 WI 25270

VA 189.30 NC 211.40 OK 252.50

MS 18900 VA 211 00 MS 252.50

LA 188.90 MS 209.90 LA 252.00

OK 18870 LA 209.60 NE 25180

PA 18780 MD 208 40 KS 243 50

us '92 50 us 215 50 us 256 30

Max 22C 50 234 70 32:< ac Min 187 80 208 40 243 50

Diff 32.70 26 30 79 50

Sourse Er.er-7y :·1fcrrriat:~rt _jcmrn stration ,EA, /:Jerro.1evm .\J'a·.1 1yato..- .Ref1'·1er ~ese!fer 3r;dF~e.•a1!er

·) _:Jr.c~s S:JSC ,',.'>.:;, .. ,:es Ct rJ 1 ·~. 3~(;1' 'S'3C1'? ~~1,·es ..,..tee oac~

";tp 10:-'tC eia .1.:Je govd:"av· pet pet pn a.ln~g d ~us PRA ::pga1 .-r l'trn

• Table 3.

Average Annual Reta I· Rack Margins (excluding taxes) for States using Conven!lonal Gasoline. Ranked Highest to

La.vest (cents per gallon)

2006 2007 2008

VT 26 VT 26 VT 35 OR 21 OR 22 OR 29 ND 20 ME 21 ME 28 WV 20 NO 20 WA 26

ME 20 MO 20 WV 26 LA 19 WV 18 LA 25 MS 19 WY 18 KS 24 AK 18 NM 18 ND 21

M 18 AK 18 NY 21 NY 18 WA 17 GA 20 ND 17 WI 17 V'!/V 20 FL 17 LA 17 PA 19 PA 17 co 17 SC 18 SD 17 Ml 17 AL 18 NM 16 MS 16 MS 18 VA 16 AR 16 IL 18 WY 15 NY 15 TN 18 AL 15 IL 15 'NI 18

1} WI 15 so 15 NC 18 GA 15 KY 15 SD 18

·v, KY 15 TX 15 MT 18 OK 15 FL 14 Ml 17

WA 14 IN 14 NM 17

AZ 14 VA 14 FL 17

IL 14 PA 14 co 17

TX 14 OK 14 AZ 17 TN 14 TN 13 MD 16 SC 14 OH 13 OK 15

OH 13 SC 13 AR 15 NC 13 GA 13 UT 15 NE 13 MT 13 IN 15 co 12 ID 13 KY 15

MT 12 AL 12 AK 15 AR 12 NC 12 IA 14 IN 12 AZ 12 VA 14

ID 12 IA 11 NV 13 UT 11 NE 10 TX 12 KS 9 UT 10 NE 11

NV 9 KS 10 OH 10

MO 8 NV 9 ID 10

IA 6 MO 9 MO 5

us 15 us 15 us 17

Max 26 26 35 Min 6 9 5

Off 19 17 30

) ""

Source BE c,1/cut,1t1on t:;ased on EiA •etaii and rack prices given 1n Tables 1 and 2

• Table 4.

State Tax Rankings

State and Tax

State Fed Tax Rank

NaN York S0609 1 Caifania so 583 2

Washington $0 559 3 Cainect1cut so 548 4

Flonda $0 529 5

Illinois $0522 6

Haivai1 $0.520 7

Nevada $0515 8 Wisconsin $0.513 9

Pennsylvania $0.507 10 West Virginia $0.506 11

R t"ode Island $0.494 12

Michigan $0.493 13

Nath Carolina $0.486 14 Maine $0.483 15

Indiana $0.481 16 Ohio $0.464 17

Montana $0.462 18 NEi>raska $0.457 19

Minnescta $0.440 20 Oregon $0.434 21 Kansas $0.434 21

Idaho $0.434 21

•• Ulah $0.429 24 {~ ~~·;' South Oal<ota $0.424 25

,c

Maryland $0.419 26 Massachusetts $0.419 26 Nath Dakota $0.414 28

De aware $0.414 28 Kentucky $0.409 30 Iowa $0.404 31 Cdorado $0.404 31

Arkansas $0.402 33 Tennessee $0.398 34

Alabama $0.393 35 District of Columbia $0.384 36

Vermont $0.384 36

Louisiana $0.384 36 Teia1s $0.384 36

NaN Hampshire $0.380 40 Virginia $0375 41

Anzona $0374 42 NEW MeXlco $0372 43

M1ss1Ssipo so 372 43 Missouri Su 357 45

Qk1aroma SJ 354 46 South Caro ra so 352 47

NaN Jersey so 329 48 Wyoming so 324 49

Georgia S0308 50

Aiaska so 184 51

httg'./lwww fuelgau91i!reQQrt comisbsa~ asg Pnces updated 3:10t2009 3 06 42 /lM

) US. average $0.432 . .

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:)

Table 5.

2002 Motor Gasoline Consumption per Station, Vermont and Neighboring States and U.S.

Vermont

Maine

Massachusetts

New Hampshire

New York

US Average

Source:

#of gas stations (wth and wittout convenience stae):

2002 econcrnic census

479

893

2,333

624

5,447

121,446

Average

Annual Consumption 2002 (thouse¥'1d gallons)

342,888

708.582

2,818,452

702,954

5,739,888

135,618,000

US Census Bureau, al02 Economic Census: REiail Trade http://www.c8"1sus.gov/econ/census02/dataM/VTOOO 44.HTM

2002 consumption I station {thousand gallais)

716

793

1,208

1,127

1,054

1,117

EIA, State Energy Data System: Consumption Price and Expendillre Estimates, by state httpl/www ea doe gov/emeu/statesL l5s:IS html

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Table 6.

Comparative Price Spreads (cents pergaHon)

Burlington. VT

Lyndonville. VT

Newport. VT

Rutland, Vf

Cit¥

Across All Above Commlllities

North Adams. MA

Pittsfield, MA

Springfield, MA

Bosten, MA

Brockton. MA

Lowell. MA

New Bedford, MA

Worcester, MA

Spread (max· min)

7.0

11.0

8.0

7.0

21.0

7.0

12.0

21.0

53.0

34.0

12.0

32.0

22.0

Vermontretad prices including taxes are from a self-reporting web sie:

Regular gas prices during the last 48 hours. accessed on 06124109

http //W\W( gasbuckly com/Gas PcicesNermontlinciex.aspx

North Adams. Pittsfield. Springfield retai I prices derived from OPIS data in 2008: Average spreads re~ect retail prices from December 2006 through February2008.

Boston Brockton. Lowell New Bedbrd and Worcester retail prices derived from OPIS data. Average spreads cetlect retail pnces fo; the week ending August 20 2005

~

400

• figure 1. Burlington, VT

Average Weekly Price vs Predicted Range Jan 2008 ·Jun 2009

380 -·~-~ 360 ,

; 4' • • ~ ~ Oct 18 price appears above predicted high 340 , # ' • ~ , ~

~o ' ; ' ' , f 300 I , - " , " '

' ').- ..,..--- , 280 ~ ......... ,... - ; , 260 I , _ r "" • \ Nov 8 peak amount abow predicted high 37 cpg (!) - # -

Q.. 240 ' u

no \ , I \ ~ Price returns to predicted range Dec 6 ,. ./

200 . / I ,.

180 I - \ / ' "" " - .

~ ... __._ ... ,

160 I ' ' , ' ~.,/_,. .. ...,,. 1 ' / "' --140 I ' / ,, ._ -, ..

120 I ...... , , 100

80 -·' -- ' ---- .,. -ro co ro ClO ClO ClO ClO co ClO !:!i2 «> «> a.i a.i Q:! a> en en 0 0 0 0 0 0 0 0 0 ~ 0 Q 0 0 ~ 0 Q Q iZ> .J"i ;?:; i() i() i() iQ i() its IQ iQ LO iQ i(1 IQ lQ LO LO

N M ~ in ca "" ;o <» o ... N ... N I") ... in iD ... .... -Source. FTC Gasoline Price Monitoring Propel 1 • ·1

· ------ actual - - predicted_h1gh - - predicled_low i

•

v iii~ W'

Figure 2. Burlington, VT MSA Weekly Dispersion of Retail Prices: Measured by Standard Deviation and Interquartile Range

June - Dec 2008 24

22

20

18

16

14

12

10

8

6

4

2

0 1.

~ ~

i.O

The standard deviation is a quantlative measure of the variabilly of an individual station's plices compared to the price average for all stations.

The ilterquartie range (IQR) is the price difference between that station having a price exceeding the prices of 75% of all stations and the station that has a price exceeding only 25% of all stabons. It represents the middle 50% of stations aa they are ranked from highest price to lowest plice ..

---- -T-------r .,-- ---- -T-~ - ---1

llO llO llO llO llO llO

~ llO llO llO

~ 0 0 0 Q 0 e 0 Q 0 ;;;:; ~ ...... ;;;:; ...... 05 i,e

llO ...... .... N ~ (» .... ~ C':I 0 05 05 05 (» llO CJ) ......

aJ aJ aJ ~ llO :g llO e Q Q - e - Q LONO'>IOMOr-~ ~C:'t::::!::~C':I IO IO IO r- t- r-

aJ e <X)

to

!:>01.J ce data BE anatvi.1s ot purchased OPIS sile specific retail prices, Burlington MSA Samµle has total of 158 stalons. -weekly_sd -weekly_IQ

·r- ----··r--·-, -~-- r ~·-1

llO :g :g llO llO <X)

Q Q Q Q N (» to ~ Q? tO :!::: ...... N ..... ...... :!:::

0 0 0 ..... ..... ...... ..... ......

•

r·-

<X) 00 00 0 0 Q !'i 0 "'" N !:? N -...... ...... ...... .....