Washington Post: U.S. regulator tells White House it will step up enforcement of oil and gas conglomerates
Senior Biden administration officials, alarmed by the rising costs of consumer staples, are ramping up efforts to police corporate monopolies and alleged collusion by big companies, arguing a crackdown on corporate malfeasance will translate into cheaper goods.
In response to requests by the White House economic team, Federal Trade Commission Chair Lina Khan announced Monday that regulators would step up enforcement on oil and gas companies that they say may be colluding to raise fuel costs.
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“What we see is shortages and price gouging everywhere, and what the FTC is going to try to do is stop that,” said Matt Stoller, an antitrust expert at the American Economic Liberties Project. “If you own most of the gas stations in an area, you can control the price or collude with others to control the price. Preventing that collusion will reduce prices.”