An example of federal bureaucracy run amok? No, it is only FERC revamping their anti-market manipulation rules to accomodate changes brought about by the Energy Policy Act of 2005. The old market behavior rules sought to prohibit, among other things, “actions that are without a legitimate business purpose and that are intended to or foreseeably could manipulate market prices, market conditions, or market rules.” The phrase “legitimate business purpose” had been challenged in court as too vague. The new rules omit the problematic phrase.
For more see “FERC Jettisons ‘Legitimate Business Purpose;’ Retains Other Rules for Natural Gas & Power Wholesalers” on law firm Bracewell & Guiliani LLP’s Energy Legal Blog.