U.S. antitrust regulators are intensifying their monitoring of oil markets. This action addresses potential price-fixing and monopolistic practices. It follows recent price volatility.
The Department of Justice (DOJ) and the Federal Trade Commission (FTC) issued a joint letter. They warned that market instability does not permit companies to collude or manipulate retail prices.
The federal agencies urged state attorneys general to help investigate unlawful conduct.
The DOJ and FTC will enforce federal antitrust laws. They encouraged states to use their own laws to police potential price-gouging. Federal enforcement authority is limited in this area.
This heightened oversight follows growing concerns over possible anti-competitive behavior in the energy sector.