New York Launching Gas Price Gouging Probe

According to multiple outlets, New York Attorney General Tish James launched a probe into whether oil companies are engaging in price gouging.

CNN reported on Thursday that the attorney general was looking into the entire oil and diesel supply chain.

The attorney general's office didn't respond to a request for comment from Forbes, but told the website that surging gas prices are forcing working New Yorkers and low-income families to make difficult decisions on whether to pay bills or put food on the table.

James said his office is determined to make sure price gouging doesn't happen in our state.

The investigation is thought to be the first of its kind in the country, as U.S. gas prices have skyrocketed since Russia invaded Ukraine and Western countries responded with sanctions on Russian energy exports. The U.S. banned imports of Russian oil, gas and coal to punish the country for the war. The House Democrats pressed oil executives on whether they were taking advantage of the Russian invasion to raise prices. The oil executives said market forces were to blame for the price of gasoline. James brought a case against a wholesaler that she claimed was unfairly marking up the price of Lysol, but the case was rejected by a state judge.

The NY AG is looking into the oil industry.

The attorney general of New York is looking into signs of price gouging by oil giants.