DOJ, FTC Press State AGs to Probe Gas Price Gouging as WTI Slips Below $70
Updated
Updated · OilPrice.com · Jul 3
DOJ, FTC Press State AGs to Probe Gas Price Gouging as WTI Slips Below $70
3 articles · Updated · OilPrice.com · Jul 3
Summary
A Friday letter from the DOJ and FTC asked state attorneys general to investigate whether fuel retailers and suppliers violated state consumer-protection or emergency price-gouging laws.
The agencies said they are already monitoring oil markets for price-fixing and monopolization, arguing that recent crude-price volatility does not excuse collusion, fraud or manipulated retail prices.
The push expands last week's federal probe after Trump complained pump prices have not fallen fast enough even as Brent retreated toward pre-war levels and WTI dropped below $70 a barrel.
Oil companies and retailers dispute the gouging narrative, saying gasoline prices lag crude because refining, transport, taxes, inventories and local competition also shape what drivers pay.