B.C. won't regulate gas prices or cap taxes, so what can the premier's demand for an inquiry really achieve?

Mounting pressure over record high gas priceshas prompted the premierto put forward a solution:asking others to look into it namely Prime Minister Justin Trudeau andthe B.C. Utilities Commission.

It comes alongsidegrowing calls from critics and the public for John Horganto follow through on promises to consider providingrelief at the pumps.

On Tuesday, he asked the BCUCto investigate B.C.'s "high and wildly fluctuating" gas prices and suggested calling on oil companies to explain their prices.

He's tasked the regulatory body with finding out why refining margins are so much higher in B.C. than anywhere else in Canada, pointing to data that shows the wholesale price of gasoline in Vancouver has shot up in the past two months.

The Utilities Commission has responded, agreeing to work on setting out the terms of reference.

What'snot yet clear is how long this inquiry might takeor what possible actions might come from it, other than finding what Horgancalls a common set of facts.

"We need an independent arbiter to lay out how we got here," hetold reporters Tuesday. "I'm hopeful that they'll take action in the short term and that we'll have more to talk about in the future."

But the premier has essentially taken two options off the table.

In his letter to the BCUC, he rules out capping provincial gas taxes. It'sasuggestion Liberal Leader Andrew Wilkinson made last week, prompting criticism.

"Provincial taxes are not to blame," Horganwrites. "Cutting taxes would amount to the public subsidizing oil companies as there is nothing to stop companies from raising prices in response."

He also previously suggested that regulatinggas prices isn't the answer, referencing aninternal government report from last year.

That report looked at provinces that currently regulate gas prices: Prince Edward Island, Newfoundland and Labrador, Nova Scotia, New Brunswick and Quebec.

Its conclusion: "While the regulation of gasoline prices provides some price stability, research does not show it leads to lower prices for consumers."

Thesame briefing note also doesn't align entirely withHorgan'spast suggestions that oilcompanies may be price fixing.

"There is no sign that there are non-competitive or unfair business practices leading to the higher margins," readsthe summary from theEnergy Ministry.

So what is this independent investigation going to find aside from what the government already knows?

'Provincial options are limited'

CBCasked to speak with the energy minister to provide further clarification. Instead, the government madeMinister of Jobs, Trades and TechnologyBruce Ralston available.

"I'm not going to anticipate what an expert body is going to do, but certainly [the BCUC] islooking into regulatory options and may come forward with a suite of options," Ralston said Wednesday.

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Ralston wouldn't elaborate on what those options might be.

"I think the reality is that provincial options are limited," he said. "But to the degree that we can within provincial jurisdiction, we're going to investigate and try to come up with solutions if we can."

But what about the previousEnergy Ministry's memo that foundno sign of shady business practices leading to higher margins?

That was a year ago, Ralston noted. "The situation is very different this year so we'll see whether the outcome [of this investigation]will be different I expect it may verywell bedifferent."

Is it simply trying deflect blame, as critics say?Ralston called that a cynical approach.

"We're using the premiere regulatory authority in the province, which has subpoena powers... I presume they'll use their powers to talk to industry, have industry come forward, make submissionsand come up with solutions."

Horgan also spoke by phone with Trudeau this week, imploring the federal government as owners of the TransMountainPipeline to consider pumping more refined fuel to B.C. to help ease supply issues.