Wednesday, June 22, 2011

Oil Companies, Refiners Investigated For Possible Market Manipulation

Oil Companies, Refiners Investigated For Possible Market Manipulation

This would help to explain those high gas prices.

Late Monday, federal regulators announced an investigation into whether oil companies and refiners have manipulated markets, raising oil prices to their benefit, according to a letter released by the Federal Trade Commission to the Senate yesterday and cited by The Hill.

The Federal Trade Commission plans to investigate why some oil refineries were shut down for maintenance, which can lead to higher oil prices, according to The Wall Street Journal. It is also investigating whether refiners engaged in other anti-competitive practices or provided misleading information to federal officials, the FTC letter said.

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