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Electronic Code of Federal Regulations
Title 16: Commercial Practices
PART 317—PROHIBITION OF ENERGY MARKET MANIPULATION RULE
§317.3 Prohibited practices.
Authority: 42 U.S.C. 17301-17305; 15 U.S.C. 41-58.
Source: 74 FR 40701, Aug. 12, 2009, unless otherwise noted.
This part implements Subtitle B of Title VIII of The Energy Independence and Security Act of 2007 (“EISA”), Pub. L. 110-140, 121 Stat. 1723 (December 19, 2007), codified at 42 U.S.C. 17301-17305. This Rule applies to any person over which the Federal Trade Commission has jurisdiction under the Federal Trade Commission Act, 15 U.S.C. 41 et seq.
The following definitions shall apply throughout this Rule:
(a) Crude oil means any mixture of hydrocarbons that exists:
(1) In liquid phase in natural underground reservoirs and that remains liquid at atmospheric pressure after passing through separating facilities; or
(2) As shale oil or tar sands requiring further processing for sale as a refinery feedstock.
(b) Gasoline means:
(1) Finished gasoline, including, but not limited to, conventional, reformulated, and oxygenated blends; and
(2) Conventional and reformulated gasoline blendstock for oxygenate blending.
(c) Knowingly means that the person knew or must have known that his or her conduct was fraudulent or deceptive.
(d) Person means any individual, group, unincorporated association, limited or general partnership, corporation, or other business entity.
(e) Petroleum distillates means:
(1) Jet fuels, including, but not limited to, all commercial and military specification jet fuels; and
(2) Diesel fuels and fuel oils, including, but not limited to, No. 1, No. 2, and No. 4 diesel fuel, and No. 1, No. 2, and No. 4 fuel oil.
(f) Wholesale means:
(1) All purchases or sales of crude oil or jet fuel; and
(2) All purchases or sales of gasoline or petroleum distillates (other than jet fuel) at the terminal rack or upstream of the terminal rack level.
§317.3 Prohibited practices.
It shall be unlawful for any person, directly or indirectly, in connection with the purchase or sale of crude oil, gasoline, or petroleum distillates at wholesale, to:
(a) Knowingly engage in any act, practice, or course of business—including the making of any untrue statement of material fact—that operates or would operate as a fraud or deceit upon any person; or
(b) Intentionally fail to state a material fact that under the circumstances renders a statement made by such person misleading, provided that such omission distorts or is likely to distort market conditions for any such product.
The Federal Trade Commission does not intend, through the promulgation of this Rule, to preempt the laws of any state or local government, except to the extent that any such law conflicts with this Rule. A law is not in conflict with this Rule if it affords equal or greater protection from the prohibited practices set forth in §317.3.
The provisions of this Rule are separate and severable from one another. If any provision is stayed or determined to be invalid, it is the Commission's intention that the remaining provisions shall continue in effect.