TOP NEWS: FTC To Issue New Oil Market Manipulation Rules Later Thursday DOW JONES NEWSWIRES August 06, 2009 09:56 ET (13:56 GMT) WASHINGTON (Dow Jones)--The U.S. Federal Trade Commission will later Thursday publish new petroleum market manipulation rules, people close to the matter said. Under the proposed rules issued in April, the FTC said violators could face civil fines up to $1 million a day per violation. The rules - which cover the crude, gasoline or petroleum distillates wholesale markets - follow Congressional concern over the record spike in oil prices last year and subsequent fall. As oil prices surged to nearly $150 a barrel in July 2008, many lawmakers, believing that existing oversight was too weak and laxly regulated, put pressure on the FTC to promulgate the anti-manipulation regulation. Lawmakers are concerned that excessive speculation - and possible manipulation - in the oil markets helped drive prices to record levels, and they are seeking ways to enforce tougher market oversight. The action has prompted a turf battle with the Commodities Futures Trading Commission, which watches the derivatives markets, as the new rules could potentially give the FTC power to move into the futures markets if they are affecting the physical markets. Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=lwy%2FldcGHKHpqaunEKCa2g%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones Newswires August 06, 2009 09:56 ET (13:56 GMT)
