It was reported this morning that the government is looking into the possibility of falsely inflated oil prices. This morning's business report on WCBS Newsradio stated that speculators in the stock market have been controlling the rising cost of crude and if found to be so, charges could be filed.
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Originally Posted by CNN News
WASHINGTON (AP) -- Federal regulators are six months into a wide-ranging investigation of U.S. oil markets, with a focus on possible price manipulation.
The Commodity Futures Trading Commission on Thursday said it started the probe in December and took the unusual step of publicizing it "because of today's unprecedented market conditions."
Crude prices, which on Thursday hovered around $127 a barrel, have risen more than 42% since early December. Gasoline prices are nearing a national average of $4 a gallon, up from about $3.20 a year ago.
The commission said it is investigating potential abuses in the way crude oil is purchased, shipped, stored and traded nationwide, but did not reveal details. Also on Thursday the agency announced a handful of other initiatives designed to increase transparency of U.S. and international energy futures markets.
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