FTC Adopts Rule Barring Oil Market Manipulation

Law360, New York (August 6, 2009, 5:07 PM EDT) -- The Federal Trade Commission has adopted a measure prohibiting market manipulation in the petroleum industry, bringing the wholesale oil and gasoline markets under the agency’s purview for the first time.

On Thursday, the agency announced that it had issued a final rule targeting purported oil and distillate product market manipulation, as authorized under the Energy Independence and Security Act of 2007.

Set to take effect Nov. 4, 2009, the new rule prohibits deceptive or misleading conduct in conjunction with petroleum sales, including making false public announcements...
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