CFTC

In the aftermath of 2000-2001 energy crisis, Congress provided federal regulators more authority to crack down on fraud. To do so, FERC must show that the actor possessed the requisite state of mind and establish a connection between the alleged manipulative action and an interstate transportation or sale for resale of natural gas or electricity.

Harvard professor Bill Hogan claims FERC is wrong to find market manipulation where traders simply make profits on market defects known to all.