The Federal Trade Commission (FTC) will announce today its plan for investigating and regulating possible market manipulation by oil companies, traders and others, Sen. Maria Cantwell, D-Wash., said Thursday.
Under legislation passed late last year, violators could face fines of $1 million a day.
Cantwell said the best way to bring down the price of gasoline at the pump is for the administration to start seriously policing the oil industry. "We see smoke. We need the FTC to determine whether there is a fire," she said.
She said there was no reason for gas prices to be up 100 percent in a year and headed for the $4 a gallon mark when there's been no disruption in supply and U.S. demand has cooled.
MCCLATCHY NEWS SERVICE
