Sen. Cantwell helps FTC draft tough rules for oil industry
Kennewick, Wash.-- Legislation calling for these rules was passed in 2007, but yesterday Federal Trade Commission finally issued rules on how they will regulate the oil industry.
The rules were added to the 2007 energy bill by Sen. Maria Cantwell. The FTC was pushed extremely hard by Sen. Cantwell to be much tougher in their formation of this new rule. Now the FTC can fine any organization found to be unfairly manipulating the price of oil and gasoline, and fines can run up to one million dollars a day.
A spokesperson for Sen. Cantwell said today the tough rules were made to help the consumer. Critics of the new rule say it could lead to a less competitive market and that numerous FTC investigations have found never uncovered any attempts at market manipulation.