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FTC starts process to consider rule on oil market manipulation

05/12/2008
Using authority it received in energy legislation late last year, the US Federal Trade Commission on May 1 took the first step to determine whether it should develop a formal rule defining and prohibiting oil market manipulation.The commission announced that it has approved an advanced notice of proposed rulemaking (ANPR) to seek public comments on the appropriate way to interpret and enforce provisions in the 2007 Energy Independence and Security Act (EISA 2007) aimed at preventing market manipulation in the oil industry.“We understand that consumers are being hurt by high [gasoline] prices,” said FTC Chairman William E. Kovacic. “The commission remains vigilant in usin...
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