Kaptur Urges Public to Comment on Gasoline Price Manipulation
Press Release
Kaptur Urges Public to Comment On Gasoline Price Manipulation
Marcy Kaptur urged public participation as the Federal Trade Commission drafts new rules to prevent market manipulation at the gasoline pump and throughout the petroleum industry. "Record high gasoline prices are putting the squeeze on American families and hurting our economy," said Congresswoman Kaptur. "Congress gave the Federal Trade Commission (FTC) greater power to prevent price manipulation, and now the public has an opportunity to help the agency shape the new rules to deal with this situation."
Congress gave the FTC new authority under the Energy Independence and Security Act of 2007. Now the FTC is seeking public comments through June 6 as it decides how to prevent manipulation of oil and gasoline prices.
The request for public comments, said FTC Chairman William E. Kovacic, "is an important part of our effort ... to protect the American people."
Kaptur said the congressional legislation prohibits anyone from using any "manipulative or deceptive device on contrivance, in contravention of such rules and regulations as the Federal Trade Commission may prescribe..." The public comments will be used by the Commission to determine whether and how to develop rules to prevent market manipulation.
"Most consumers believe that gasoline prices are manipulated in some fashion," said Congresswoman Kaptur. "Now the public has an opportunity to address this issue and propose solutions, especially focusing on what constitutes manipulation or deceptive behavior on the part of the oil companies and gasoline retailers and what the appropriate penalties should be."
Citizens can send comments by e-mail by visiting the following site: https://secure.commentworks.com/ftc-marketmanipulationANPR/ .
Written comments should be mailed to: Market Manipulation Rulemaking, P.O. Box 2846, Fairfax, VA 22031-0846.
All comments should include the following notation: Market Manipulation Rulemaking, PO82900.
After reviewing the public comments, the FTC will propose a rule to implement the provisions of the congressional legislation
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