FTC Launches Investigation into Gas Prices After Sen. Maria Cantwell's Request

Today, after months of urging by U.S. Senator Maria Cantwell (D-WA), the Federal Trade Commission (FTC) announced it would begin an investigation to determine whether skyrocketing prices at the gas pump are the result of market manipulation or other anticompetitive behavior.

This marks the FTC’s first use of new authority authored by Cantwell, which makes it a crime to manipulate wholesale oil markets. FTC Chairman Jon Leibowitz announced the investigation in a letter and phone call to Cantwell today, saying that the Commission has authorized the use of ‘compulsory process,’ including subpoenas, to determine whether certain players are in violation of a the law.

Cantwell  first demanded an investigation three months ago in a bipartisan  letter sent to the FTC urging the regulatory body to use the authority she granted it to actively police the markets and ensure consumers are paying fair and market-based prices at the gas pump. According to  AAA figures , a gallon of regular gasoline in Washington state is 88 cents more per-gallon today than just one year ago, hurting small business and burdening families and the economic recovery.

“Americans deserve to know what’s really behind the rapid increase in gas prices burdening families and businesses,” Sen. Cantwell said Monday. “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 November 2009, the FTC’s final  Petroleum Market Manipulation Rule went into effect, which was promulgated in compliance with legislation Cantwell authored in 2005 and successfully shepherded into law in 2007. The legislation sought to prevent Enron-style manipulation schemes from happening in the oil industry by creating a federal ban on oil market manipulation. Cantwell’s provision empowers the FTC to levy civil penalties of up to $1 million per day. Over the course of the FTC’s nearly two-year rulemaking needed to fulfill its Congressionally-mandated responsibility to prevent manipulation in the oil and petroleum markets, Cantwell aggressively pushed the Commission to lay out the strongest rules possible. The final FTC rule essentially adopted all of Cantwell’s recommendations.

In the letter sent to the FTC in March, Cantwell urged the FTC to be more proactive and aggressive in enforcing its market manipulation rule, noting the success the Federal Energy Regulatory Commission (FERC) has had in ferreting out bad actors in the electricity and natural gas markets using identical authority she helped author and shepherd into law.

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Internet has superseded some older forms or techniques of marketing, but there are some tactics that have actually regained the significance with the coming of internet, sales letter is one of those tools or mediums. Sales letter is regarded as one of the oldest mediums of marketing, it also happens to be one of the most uncomplicated one. A sales letter is simple, straightforward; addresses the customer's needs and provides a call to action, that's exactly the way marketing is supposed to be. Oh, and not to forget the ultimate advantage of being one of the most economical marketing tool, it's a pity many wholesale businesses aren't using this medium as effectively as they should be.

Sales letters are even more beneficial when you are operating in a B2B realm, doesn't really matter if you are a manufacturer, wholesaler, distributor, or any other kind of trade supplier. Manufacturers can write sales letter to wholesale suppliers or distributors , enticing them to trade in their products. Wholesalers or distributors can write sales letters to retailers or other businesses, and so on.

Remember that a typical sales letter isn't really intended for closing a sale, it is merely the first step, just like cold calling. Sales letter is a little different than leaflets or brochures; it doesn't need to be too decorative or fancy. That doesn't mean you should write a sales letter casually without any kind of forethoughts or planning. Ideally, a sales letter should be having a subject line, the body, and a call to action. The sales letter will not serve its purpose, in case any of these sections are not up to the snuff. The best thing about sales letter is that you can try different headings, styles, and body texts (since it doesn't cost you anything to try different styles, formats or layouts), in the end you can continue with the one that brings the best results.

Sales letters that target end users are slightly different as compared to sales letters intended for businesses. When writing a sales letter for a wholesale, retail, distributors , or any other kind of trade businesses, remember that it must be having some figures to back up your claims and testimonials from other businesses. You can also draw attention to the profit margins, since most of these businesses (e.g. wholesalers, retailers, and distributors ) will be buying with the sole purpose of reselling for profits.

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