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Pelosi: FTC Moving Forward on Market Manipulation, Protecting Consumers at the Pump

August 13, 2008

Contact:Brendan Daly/Nadeam Elshami, 202-226-7616

Washington, D.C. - Speaker Nancy Pelosi released the following statement today on the Federal Trade Commission issuing a proposed rule on manipulation of petroleum prices. The Energy Independence and Security Act, which became law last December, directed the FTC to ensure that the U.S. petroleum market is free from price or supply manipulation. In May, House Democratic leaders and committee chairmen wrote to the FTC urging the swift implementation of market manipulation regulations.

"American consumers and the American economy have been battered by skyrocketing increases in oil prices. Congress directed the Federal Trade Commission to investigate manipulation of oil and gas prices, and to impose tough penalties against those who are cheating consumers.

"Today's proposed rule shows that the FTC is finally taking action in response to the New Direction Congress' demand for tougher action to prohibit market manipulation and protect consumers."