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US: FTC follows EU’s suit in oil price-fixing probe

By  |  June 24, 2013

US regulators are said to have opened an investigation into the nation’s oil market to probe price setting of crude oil products. According to two unnamed sources, the US Federal Trade Commission is in its preliminary stages of launching the investigation. The news comes just weeks after the European Commission announced its own probe into Europe’s oil markets as allegations of the manipulation of oil benchmark prices swirled. Reports say the inquiry in the US will likely involve the issuance of civil investigative demands to various companies. A spokesperson for the FTC declined to comment on the matter. The sources noted that because the FTC – not the US Department of Justice – is taking up the matter, it suggests regulators do not suspect any criminal conduct.

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