Feds Strengthen Ability to Combat Gas Price Manipulation

Two federal government agencies try to protect consumers as gas prices soar
Two federal government agencies try to protect consumers as gas prices soar

As the price of gasoline soars to $4 a gallon in some parts of the U.S. -- with a few experts predicting a $5-per-gallon price by summer -- an agreement by two government agencies to increase cooperation in their investigations of energy market manipulation may help ease consumer pain at the pump.

The Federal Trade Commission and the Commodity Futures Trading Commission announced an agreement Tuesday they say will help ensure the fairness and openness of the energy markets they oversee. The Memorandum of Understanding, signed by the FTC and the CFTC, will allow greater sharing of non-public information by the two agencies as they conduct investigations into the crude oil and gasoline markets.