Tightening The Screws On Fraud In Petroleum Markets
August 29, 2008, 12:00 AM EDT
Law360, New York (August 29, 2008, 12:00 AM EDT) -- Some blame the recent increases in the price of oil and gasoline on "market manipulation" by oil companies, or investors who trade in petroleum futures. In response to these concerns, the U.S. Congress passed Section 811 of the Energy Independence and Security Act of 2007 (EISA), which prohibits market manipulation in wholesale petroleum markets, and authorizes the Federal Trade Commission (FTC) to adopt and enforce rules defining illegal market manipulation.
EISA provides that violations of these FTC rules are punishable by a civil penalty of up...