Texas AG starts digging into national gas prices

 

While Oklahoma leaders started looking into the national gas supply industry following last month’s severe cold weather, the attorney general in Texas is expanding his probe of the same industry.

Attorney General Ken Paxton announced this week an expansion into the effects of the winter storm on energy markets and explained his office had issued a Civil Investigative Demand to the Intercontinental gas Exchange.

The massive price increases during the storm is what prompted the demand.

“As we learn more about what drove pricing spikes during the recent winter storm disaster, I am expanding the scope of my investigation to include the natural gas industry as well as electricity providers,” Paxton said in a statement. “These massive price increases impacted businesses and consumers alike and will have long term effects on Texas. Hardworking Texans who pulled together to get their communities through this disaster deserve transparency and justice.”

Oklahoma Attorney General Mike Hunter joined other state leaders during a late February news conference to announce an investigation of the price spikes. Legislative leaders vowed to do the same but so far, no hearings have been held.

Hunter’s office has not indicated whether it would investigate possible price-gouging as a result of natural gas prices soaring from around $3 per Mcf to more than $1,000 per Mcf.

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