Oil Manipulation

By: Associated Press
By: Associated Press

WASHINGTON (AP)-- The Federal Trade Commission is asking for public comment on developing new rules to prevent oil price manipulation and deception.

It's part of a bill passed in December that makes it illegal to give false information to federal agencies about oil prices.
Violators could be hit with a civil penalty of up to one million dollars.

The FTC says public comment will help it define market manipulation, and what should be considered "false and
misleading" information. It hopes to finish the rules by the end of the year.

On Capitol Hill, some lawmakers are happy to see the FTC following through. Democratic Senator Maria Cantwell of Washington says, "We've been waiting for the FTC to act."

Copyright 2008 by The Associated Press. All Rights Reserved.

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  • by Michael Location: Piedmont SC on May 2, 2008 at 12:12 PM
    I was just wondering when someone was going to start regulating these people we consider the oil minopolys. Every time we go to fill up, the price is always different and usually higher than the time before and we have no idea if it really needs to be this high or if we're getting gouged. Also, why are the oil companies able to record record profits at our expenses? I hear that Cheveron was estimated at something like 10 billion profit in the last quarter. Sure makes for some angry people out here! Thanks, Michael
  • by Debbie Location: Aiken, SC on May 2, 2008 at 10:20 AM
    I think it is about time someone stepped up and stopped these oil companies from getting rich off the average citizens. Government wants to regulate the private citzens lives, they should start regulating some of these rich oil companies.
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