New FTC Rule Prohibits Petroleum Market Manipulation (thanks Skip)
Source link: http://archive.mises.org/10420/one-step-closer-to-heaven/
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I guess there is no shortage of ignorance. This will do one of two things: Best: Not be aggressively enforced and do nothing. Worst: Be enforced and have petrol companies change (increase or decrease) prices more slowly causing even more arbitrage and hurting consumers even more.
Maybe I’m missing something; and I suppose the devil is in the details (and/or the implementaion) but the summary seems to spend a lot of words to say that it is now illegal to commit fraud in petroleum markets. Surely we don’t need more bureaucracy to tell us this.
As if fraud and deception were ever legal in petroleum or any other market (excluding the political marketplace). This looks like a power grab by the FTC to me.
I like how they capitalize “Rule” and speak in short sentences: it shows you how stupid our Dear Leaders think the masses are.
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