Investing.com -- Three Democratic senators introduced legislation on Friday aimed at strengthening Federal Trade Commission oversight of fuel prices. The bill targets potential market manipulation or fraud that could impact consumer costs at the pump.

Senators Maria Cantwell, Alex Padilla and Ron Wyden proposed the measure, which would expand price transparency across transportation fuel markets. The legislation seeks to broaden the FTC's oversight authority to encompass all transportation fuels, including biofuels.

The proposed bill would also raise penalties for those found manipulating wholesale oil markets.