From The Seattle Times:

WASHINGTON — For at least the third time since 2005, the Federal Trade Commission will investigate the recent sharp spike in gasoline prices that left motorists both exasperated and suspicious. The FTC notified Sen. Maria Cantwell on Monday that it is looking into whether producers, refiners, retailers and others might have manipulated the market to pump up prices.

The good news is gas prices have declined a bit in recent weeks, with a regular gallon going for about $3.88 in Seattle, down from $4.01 a month ago, according to AAA. The state average is $3.86, down from $3.99 a month ago.

In a news release, Cantwell said this is the first time the FTC has used a new law authored by Cantwell, which makes it a crime to manipulate wholesale oil markets.

“Americans deserve to know what’s really behind the rapid increase in gas prices burdening families and businesses,” she said in the news release. “Bad actors who are artificially driving up gas prices ought to be brought to justice and face stiff punishment. I am pleased the FTC is using this new authority to protect consumers. The American public deserves to have aggressive policing of these markets and for the FTC to enforce these new laws.”

In the news release, the senator explains more about how speculators may have driven up pump prices: