17 Nov, 2021

Biden Administration investigates oil and gas companies for illegal pricing conduct

When is the last time an American President investigated oil and gas companies for raising the price of gas and other fuels when supplies have been constrained?

President Biden called on the Federal Trade Commission to investigate whether oil-and-gas companies are participating in illegal conduct aimed at keeping gasoline prices high.

In a Wednesday letter to FTC Chair Lina Khan, Mr. Biden alleged that there is “mounting evidence of anti-consumer behavior by oil-and-gas companies.” He said gasoline prices are rising even as the price of unfinished gasoline goes down.

“This unexplained large gap between the price of unfinished gasoline and the average price at the pump is well above the pre-pandemic average,” Mr. Biden wrote. “Meanwhile, the largest oil-and-gas companies in America are generating significant profits off higher energy prices.”

The president called on Ms. Khan to “consider whether illegal conduct is costing families at the pump,” asking her to “bring all of the Commission’s tools to bear if you uncover any wrongdoing.”

Biden Asks FTC to Examine Oil, Gas Companies’ Role in High Gasoline Prices – WSJ
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About : Kevin Bae

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