NEW YORK The Federal Trade Commission is issuing a new rule meant to stop price manipulation in the petroleum industry.
The FTC announced Thursday it will prohibit anyone dealing with crude oil, gasoline and petroleum distillates from distorting market conditions by issuing false or misleading statements about prices or output.
"This new Rule will allow us to crack down on fraud and manipulation that can drive up prices at the pump," said FTC Chairman Jon Leibowitz. "We will police the oil markets and if we find companies that are manipulating the markets, we will go after them."
Violators would face a civil penalty of up to $1 million per day.
