Texas Natural Gas Prices Attract Federal Investigation After 10,000% Spike
02/23/21 AT 6:08 PM
After Texan natural gas companies used massive price hikes to make money during the recent deadly winter storms, federal regulators are taking a closer look at the state’s energy market.
The 10,000% increase has attracted the attention of the Federal Energy Regulatory Commission, the Commodity Futures Trading Commission and Congress, CNN reports.
As Texas spent days under snow, wind and freezing temperatures, natural gas companies found themselves in a market defined by scarcity. Infrastructure failures had also crippled production and distribution, opening the door for companies to charge desperate Texans hundreds of times their normal rates.