SouthernWorldwide.com – U.S. antitrust regulators have announced they are actively monitoring oil markets for any signs of price-fixing or monopolization. They are also calling on state attorneys general to collaborate in investigating any potential unlawful activities.
Officials from the Justice Department and the Federal Trade Commission issued a joint letter, reviewed by CBS News, stating that recent fluctuations in crude oil prices do not exempt companies from antitrust or consumer protection laws. The letter emphasized that market volatility does not grant businesses the right to manipulate retail prices or engage in collusion with competitors.
“Businesses cannot leverage market volatility as a shield for anti-competitive actions, fraud, or any other illegal behavior that negatively impacts Americans,” the officials stated.
The letter, signed by Stanley Woodward, Associate Attorney General overseeing the Antitrust Division, and FTC Chairman Andrew Ferguson, also highlighted the role states can play in addressing price gouging. This is an area where federal enforcement authority is limited.
“While the Department and the Commission do not enforce laws specifically targeting price gouging, as opposed to anti-competitive conduct, numerous states have enacted legislation to address price gouging during market disruptions or emergencies. We encourage these states to assess whether enforcement is necessary under their respective laws,” the letter continued.
