A PYMNTS Company

NY AG Warns Of Price Gouging After Biden Ban On Russian Oil

By  |  March 8, 2022
Oil

In response to US President Joe Biden’s announcement today that the United States will ban imports of Russian oil, natural gas, and coal, New York Attorney Letitia James warned oil companies and gas stations that price gouging is illegal and reminded New Yorkers to be on alert for potential price gouging of fuel.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Russia is one of the world’s largest producers of energy, and as a result of these sanctions, New Yorkers should prepare for continued market disruptions, potentially inflated prices at the pump, and ensure that they know their rights. 

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    New York law prohibits sellers of fuel and other vital and necessary goods from charging unconscionably excessive prices during an abnormal market disruption, including disruptions caused by world conflicts. New York consumers who experience dramatic increases in the price of gasoline or fuel should report these incidents to the Office of the Attorney General (OAG). 

    “President Biden is taking critical and necessary action to hold Russia accountable for this unprovoked invasion that has claimed thousands of Ukrainian lives,” said Attorney General James. 

    “This newest round of sanctions could impact New Yorkers, so we are reminding companies that price gouging is illegal and ensuring that consumers take precautions to protect themselves and their wallets. Anyone who has experienced issues relating the price gouging of fuel should contact my office, and we will continue to do everything in our power to protect consumers.”

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.