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U.S. Antitrust Regulators Tell States to Watch Oil Markets for Price-Fixing
Justice Department and Federal Trade Commission officials said Friday they are watching oil markets for potential price-fixing or monopolization. They sent a letter to state attorneys general noting that volatility does not suspend antitrust or consumer protection laws.
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U.S. antitrust regulators said Friday they are closely monitoring oil markets for potential price-fixing or market monopolization. Justice Department Associate Attorney General Stanley Woodward, who oversees the Antitrust Division, and FTC Chairman Andrew Ferguson sent a letter to states.
The letter states that recent volatility in crude oil prices does not suspend either the antitrust laws or state consumer protection laws, and it does not authorize companies to manipulate retail prices or collude with their competitors. "Business may not use market volatility as cover for anticompetitive practices, fraud, or any other lawlessness that harms Americans," the letter said.
The regulators urged state attorneys general to assist in investigating unlawful conduct.
They also suggested that states review whether enforcement is warranted under state price-gouging laws during periods of market disruption or emergency. The federal government does not have enforcement authority over price-gouging. Many states have enacted laws specifically targeting price gouging.
