The United States Justice Department (DoJ) and Federal Trade Commission (FTC) are monitoring the oil and gasoline market for potential manipulation, CBS News reported on Friday, citing a letter by department officials to US states. DoJ Associate Attorney General Stanley Woodward and FTC Chairman Andrew Ferguson stated that the recent price volatility triggered by the Middle East conflict “does not suspend either the antitrust laws or state consumer protection laws” and does not allow companies to manipulate prices or “collude with their competitors.”
However, the letter conceded that the federal government cannot enforce laws specifically regarding price gouging, leaving the matter to individual states. Woodward and Ferguson noted that some states have adopted legislation on price gouging and encouraged them to “review whether enforcement is warranted under those laws.” US President Donald Trump continued to insist that oil prices are falling, claiming that gas will soon be back to “record low prices