DOJ and FTC Tell States to Probe Any Illegal Activity Keeping Gas Prices High; Bessent Warns of 'Administrative Action'
- The DOJ and FTC sent a joint letter to state attorneys general on July 3 urging them to investigate and prosecute any anticompetitive conduct that may be keeping pump prices elevated, per Fox Business and Bloomberg.
- The move follows President Trump's directive to probe oil companies for alleged price gouging as crude prices have fallen sharply on resumed Hormuz flows, but retail gasoline has not kept pace. Treasury Secretary Scott Bessent has separately warned producers and refiners that the White House may take 'administrative action' if pump prices do not decline meaningfully.
- The political pressure lands as major U.S. oil companies prepare to report what analysts expect to be their strongest quarterly profits in years, raising the stakes for the administration heading into the November midterms.