On 3 July 2026, the Department of Justice and the Federal Trade Commission announced they are closely monitoring petroleum markets and gas prices for potentially unlawful conduct.
In a joint letter to state attorneys general, the two agencies urged state law enforcers to investigate and, where appropriate, bring enforcement actions against companies engaged in price fixing, market manipulation, monopolisation, or other misconduct contributing to high fuel prices.
The announcement does not establish a new legal standard, nor does it identify any company as having violated the law, but it sends a significant enforcement signal to the energy industry.
The joint letter follows public concern from President Trump about the pace at which lower crude oil prices are being reflected at the pump, with DOJ and the FTC stating they are “closely monitoring petroleum markets.”
DOJ’s Antitrust Division retains authority to investigate and criminally prosecute agreements among competitors to fix prices, rig bids, or allocate markets, while the FTC may investigate unfair or deceptive acts or practices.
The agencies acknowledged that they do not enforce general laws prohibiting price gouging as such, but many states have additional tools that may apply to pricing conduct during market disruptions or declared emergencies.
The announcement is particularly significant for businesses across the petroleum supply chain, including producers, refiners, wholesalers, distributors, retailers, and companies involved in the transportation and sale of fuel.
DOJ and the FTC cautioned that market volatility cannot be used as cover for collusion, market manipulation, fraud, or other unlawful conduct, even where pricing decisions may appear economically explainable.
Companies operating across multiple states face a notably complex enforcement landscape, as multistate investigations can move quickly and involve broad civil investigative demands or subpoenas, creating simultaneous legal, political, and public-relations pressure.
The agencies also highlighted DOJ’s Antitrust Division Whistleblower Rewards Program, urging state attorneys general to publicise it to employees and industry insiders with information concerning suspected antitrust crimes.
Qualifying whistleblowers may receive between 15 and 30 percent of criminal fines collected when voluntarily provided original information leads to at least $1 million in criminal penalties.
The agencies highlighted a $1 million whistleblower payment made earlier this year in connection with a conspiracy involving prices for used cars auctioned online.
This financial incentive makes robust internal compliance systems more critical than ever, as employees who identify potentially unlawful conduct now have a direct monetary motivation to report externally.
The broader signal from the 3 July announcement extends well beyond petroleum, with the Trump administration using traditional enforcement authorities to advance an affordability agenda covering energy, food, healthcare, housing-related services, and consumer goods.
Companies participating in petroleum and fuel markets should immediately review antitrust compliance policies, ensure pricing decisions are contemporaneously documented, strengthen internal reporting processes, and prepare for scrutiny from multiple regulators operating under different legal theories simultaneously.