Cantwell calls for FTC oil price look - April 20, 2008

Providing coverage of Alaska and northern Canada's oil and gas industryApril 2008

Vol. 13, No. 16

Week of April 20, 2008

Cantwell calls for FTC oil price look

Sen. Maria Cantwell, D-Wash., has called on the Federal Trade Commission to investigate whether petroleum markets are being manipulated to drive up prices.

Cantwell says the rise in crude oil prices seems out of line because inventory and supplies are adequate and demand in the United States has dropped slightly.

The price April 14 was over $111 a barrel.

Cantwell says the FTC is reluctant to use its authority and apparently wants to leave it for the next president’s administration.

A spokesman for the FTC, Frank Dorman, declined to comment about Cantwell to the Tacoma News Tribune.

Cantwell was behind the law that ordered the Federal Energy Regulatory Commission to enforce market manipulation rules for the electricity and natural gas industries.

—The Associated Press

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