finance
U.S. Antitrust Regulators Monitor Oil Markets for Price-Fixing
Justice Department and FTC officials sent a letter Friday urging state attorneys general to investigate potential anticompetitive conduct in oil markets. The letter notes that federal law does not cover price gouging.
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U.S. antitrust regulators said Friday they are monitoring oil markets for potential price-fixing or monopolization and asked state attorneys general to help investigate unlawful conduct. Justice Department Associate Attorney General Stanley Woodward, who oversees the Antitrust Division, and FTC Chairman Andrew Ferguson sent the letter to states.
It states that recent volatility in crude oil prices does not suspend antitrust or state consumer protection laws or authorize companies to manipulate retail prices or collude with competitors. "Business may not use market volatility as cover for anticompetitive practices, fraud, or any other lawlessness that harms Americans," the letter said.
The federal government lacks authority to enforce price-gouging laws, though many states have enacted such measures for periods of market disruption.
The officials urged states to review whether enforcement is warranted under those laws.
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How sources framed this
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LeftNeutralRightCorporate price manipulationMarket volatility only
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LeftNeutralRightManipulationVolatility
CorroborationLimited · 3 sources
