DOJ and FTC press states to target any illegal activity contributing to high gas prices - Fox Business

The federal government is urging state attorneys general to probe and prosecute any illegal activities contributing to high fuel costs for Americans. "Although crude oil prices are now dropping rapidly, far too much of that price cut is being withheld from Americans when they pay for gasoline," the letter, signed by Associate Attorney General Stanley Wodward Jr. and Federal Trade Commission Chair Andrew Ferguson, claims. The document includes a screenshot of a Truth Social post that President Donald Trump issued last week. In that June 24 post, Trump asserted, "The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being ‘gouged.’ I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!" BESSENT WARNS GAS STATIONS ‘WE’RE WATCHING' AS TRUMP DEMANDS IMMEDIATE PRICE CUTS The letter to the state attorneys general states, "As the Department of Justice (DOJ) answers the President’s call to action, both the DOJ and the Federal Trade Commission (FTC) are closely monitoring petroleum markets. "We urge state law enforcers to join us in investigating illegal practices. 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. "We also encourage State Attorneys General to use all tools available under your state laws to investigate and prosecute any misconduct causing unjustified price increases — particularly conduct that violates state antitrust and consumer protection statutes. Although the Division and the Commission do not enforce any laws aimed specifically at price gouging rather than anticompetitive conduct, many States have also enacted laws specifically targeting price gouging during periods of market disruption or emergency, and we urge those states to review whether enforcement is warranted under those laws." Gas prices spiked considerably after the U.S. launched the war effort against Iran earlier this year but have been declining more recently. TRUMP ALLEGES GAS PRICE GOUGING, CALLS FOR DOJ INVESTIGATION The AAA national average price for regular gas was $3.823 as of July 3, down from the average of $4.261 a month ago. "Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead!" Trump warned in part of a Truth Social post Monday. In part of a post Wednesday, he declared, "Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, but not as fast as they should be." TRUMP DEMANDS GAS STATIONS LOWER PUMP PRICES IMMEDIATELY AND RENEWS PUSH FOR $2.50 GASOLINE GET FOX BUSINESS ON THE GO BY CLICKING HERE "Affordable energy is essential to a thriving American economy. The Antitrust Division is committed to working alongside state law enforcement partners to provide resources and support to protect consumers from anticompetitive behavior that raises the price of gas," Woodward said in a statement provided to Fox News Digital.  "The Antitrust Division will use all available tools to ensure that companies are held accountable for unlawfully manipulating the market"