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FTC's final rule prohibits oil market manipulation

08/17/2009
By Nick Snow
The US Federal Trade Commission issued a final rule prohibiting oil marketplace manipulation, effective Nov. 4. It will prohibit fraud or deceit in wholesale petroleum markets, and omissions of material information that are likely to distort petroleum markets, FTC said.FTC said it issued the rule under authority of the 2007 Energy Independence and Security Act. "This new rule will allow us to crack down on fraud and manipulation that can drive up prices at the pump," FTC Chairman Jon Leibowitz said on Aug. 6 as the final rule was issued. "We will police the oil markets, and if we find companies that are manipulating the markets, we will go after them."US Sen. Maria A. ...
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