There have been reports relating to high gas prices and the possibility of market manipulation by the oil companies. Federal regulators must expand their oversight of oil companies and energy markets. The Federal Trade Commission should take a close look at the oil industry and take whatever steps are necessary to make sure market manipulation hasn’t happened. If it has happened, the FTC should put a stop to it. Acting under authority granted in a 2007 energy law, the FTC’s powers may be great enough to reach into the oil-trading markets, competing with the Commodity Futures Trading Commission (CFTC), the traditional overseer of energy-trading markets. Capital insiders believe that the FTC has the power to take the steps necessary to create major transparency in these markets. However, full cooperation between the FTC and the CFTC would avoid turf battles and would also allow the focus on the problems at hand. I have always believed that the oil companies manipulated the market, but as a private individual I could do little about it. However, the federal government can and should!
Source: Wall Street Journal
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