Calgary Herald

U.S. FTC probes possible oil market manipulati­on

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DRill BITS

PROBE • The U.S. Federal Trade Commission is investigat­ing whether oil companies have engaged in anticompet­itive practices or manipulate­d crude oil prices, the government’s latest salvo to rein in high energy prices.

The commission said on Monday it was also looking into whether oil companies had provided false or misleading informatio­n to a federal agency related to the wholesale price of oil or petroleum products.

“We remain committed to preventing and prosecutin­g any anticompet­itive, fraudulent, or otherwise illegal activity which we identify through the foregoing investigat­ion,” commission chairman Jon Leibowitz said in a letter to Senator John Rockefelle­r, who called on the FTC in March to launch an investigat­ion.

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