FTC's final rule prohibits oil market manipulation

摘要

The US Federal Trade Commission (FTC) issued a final rule prohibiting oil marketplace manipulation, effective November 4. It will prohibit fraud or deceit in wholesale petroleum markets, and omissions of material information that are likely to distort petroleum markets, the FTC said. The American Petroleum Institute, in a statement, warned that the new rule could lead to a less competitive market that would ultimately not be in the best interest of American consumers of gasoline, diesel and other petroleum products, adding, it could discourage companies from providing information to the marketplace. Violators face civil penalties of up to $1 million/day/violation. In its statement, API noted that this is nearly 100 times greater than the $11,000 penalty/violation under the FTC Act. The FTC chairman said that he opposed such proposals because they would effectively neuter the rule and undermine congressional intent.