CBS reported the DOJ and FTC said on Friday they are closely monitoring the oil
market for possible price manipulation or monopolistic conduct and urged state
attorneys general to assist investigations. In a letter to states, DOJ Deputy
Assistant Attorney General Stanley Woodward and FTC Chair Andrew Ferguson said
recent crude price volatility does not excuse violations of federal antitrust or
state consumer protection laws, nor permit firms to manipulate retail prices or
collude. They warned firms must not use market volatility as cover to engage in
anti-competitive conduct, fraud or other illegal acts that harm Americans, and
said states can help combat price-gouging.
