Economist Expert Testifies On Gasoline Pricing

Economist Peter Ashton testified in Franklin Circuit Court, VA, that Marathon Petroleum charged prices at the pump “grossly in excess” of its actual costs during a declared emergency after widespread flooding in April.  Ashton was the state’s expert and he testified that Marathon’s “cost increases could not justify these price increases.” He said prices were already at “elevated levels” when Marathon increased prices at the wholesale level by 30 to 40 cents over the previous 30-day average price. Ashton said his analysis “suggested to me that Marathon’s (profit) margins were, if anything, increasing during the (emergency) declaration period.” And Marathon’s profits increased significantly in the first quarter over the previous two years.

Read more: richmond register.com.

About Karen Olson

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