Senator Urges FTC Antitrust Probe Of Oil Industry

Law360, New York (April 18, 2006, 12:00 AM EDT) -- Amid soaring gasoline prices and a fast-heating political debate, a U.S. Senator is calling on the Federal Trade Commission to investigate whether oil companies are engaging in market manipulation by intentionally holding back on production.

U.S. Sen. Charles Schumer (D-N.Y.) urged the FTC in a letter this week to “rigorously monitor refining capacity to ensure the industry is producing at the highest level possible and not manipulating the amount of product flowing to the market," according to Dow Jones.

Schumer’s remarks came as the average U.S....
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