The Federal Trade Commission is asking for public comment on developing new rules to prevent oil price manipulation and deception.

It's part of a bill passed in December that makes it illegal to give false information to federal agencies about oil prices. Violators could be hit with a civil penalty of up to one million dollars.

The FTC says public comment will help it define market manipulation, and what should be considered "false and misleading" information. It hopes to finish the rules by the end of the year.

On Capitol Hill, some lawmakers are happy to see the FTC following through. Democratic Senator Maria Cantwell of Washington says, "We've been waiting for the FTC to act."