WASHINGTON
The US Justice Department on Friday called on state attorneys general to investigate whether illegal conduct is preventing gasoline prices from falling alongside crude oil prices.
In a letter, the department urged state officials to “use all tools available” under state law to investigate and prosecute misconduct that may be keeping fuel prices elevated.
“In short, companies and individuals who seek to unlawfully exploit our nation’s citizens will face federal investigation, civil liability, and criminal prosecution,” the Justice Department wrote.
Gas prices climbed earlier this year after US-Israel strikes on Iran fueled concerns about potential disruptions to shipping through the Strait of Hormuz, a key route for roughly 20% of global oil supplies.
Prices have since declined as US-Iran peace talks continue. On Friday, the national average gas price was just under $4 per gallon, while crude oil traded below $69 per barrel, according to AAA.
“Past increases in crude oil prices, which are now coming down, do not excuse wrongdoing,” the Justice Department said in its Friday letter.
Last month, President Donald Trump accused major oil companies of failing to lower gasoline prices after announcing a ceasefire with Iran.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump said at the time on Truth Social. “Those prices are dropping like a rock!”
He also directed the Justice Department to “immediately” investigate, without naming any specific companies.
