FTC braced to fight oil price manipulation

[babylonsister]

http://hosted.ap.org/dynamic/stories/U/US_OIL_MANIPULATION?SITE=CONGRA&SECTION=HOME&TEMPLATE=DEFAULT

FTC issues braced to fight oil price manipulation

By H. JOSEF HEBERT
Associated Press Writer


WASHINGTON (AP) -- The Federal Trade Commission has issued a final regulation to curb price manipulation in oil trading markets.

The regulation announced Thursday prohibits oil traders from making false or misleading statements about oil prices, petroleum production or oil market statistics that would likely distort the market. The new rule, which will go into effect in November, implements tougher oil price manipulation requirements passed by Congress in 2007.

FTC Chairman Jon Leibowitz said in a statement that the new rule will allow the agency to crack down on fraud in the oil markets that can drive up prices at the pump. The regulation carries a civil penalty of up to $1 million per violation, per day. It was approved by a vote of 3-1.

[Andy823]

1. Good!

I think there should be more done , but his is a start. All one has to do is watch the markets before a big holiday where there will be lots of people driving. About a month or so before that holiday the prices start going up. This year on the 4th I was prices up to $3.03 a gallon at the gas pump, even though oil had started to go back down. 2 days after the holiday weekend it dropped 10 cents per gallon at the local pumps. Now they are on their way back up and prices yesterday were $2.96, up 3 cents, and I expect by next week they will once again be over $3.00 a gallon.

I keep reading that there is no reason for oil prices and gas prices to be this high. It's all about manipulating the prices and it needs to stop. I hope this does some good.

[loudsue]

2. Why in the hell does it go into effect in November? Why not now??

:argh:

This shit should have been done 10 years ago.

[nc4bo]

3. Good. 'Bout time. nt