Feds kick off market-manipulation probe as crude prices fall

05/8/2011 | Hill, The

A Department of Justice team investigating energy market manipulation will move to ensure that declining crude prices mean lower rates at the pump, said White House Press Secretary Jay Carney. The task force will work with state attorneys general to probe a so-called "'rockets-and-parachutes phenomenon,' where prices at the pump rocket up when oil prices rocket up, and yet they come down in a parachute fashion when oil prices go down," Carney said.

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Hill, The

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