The President suggested that oil companies might be using illegal means to increase their profits
to FTC Chairwoman Lina Khan on Wednesday, asking her to investigate what he called"mounting evidence of anti-consumer behavior by oil and gas companies" immediately., which Biden noted is up 3% from last month.
The price of unfinished gasoline, which is combined with other liquids before making it to the pump, has dropped 5% in the past month, which Biden characterized as"an unexplained large gap" given that pump prices usually move in tandem with the price of unfinished gasoline. Biden noted the two largest U.S. oil companies, Exxon and Chevron, are on pace to double their net income compared to 2019, and are planning to spend billions of dollars in stock buybacks."I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct," Biden said, though he didn't specifically name any illegal activities in the letter.
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Biden calls on FTC to probe anti-consumer behavior by energy companies as gas prices soarThe Biden Administration is asking the Federal Trade Commission to investigate 'mounting evidence of anti-consumer behavior' by energy companies as gas prices hover at multi-year highs.
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Citing high gas prices, Biden asks FTC to redouble probe of possible 'illegal conduct'U.S. President Joe Biden on Wednesday said there was mounting evidence of anti-consumer behavior by oil and gas companies and asked the Federal Trade Commission to dig deeper into possible anti-competitive or 'illegal conduct' in the market.
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Soaring gas prices prompt Biden to urge FTC to examine potential 'illegal conduct'President Biden asks FTC to investigate 'anti-consumer' behavior by oil and gas companies and whether it's a reason for the soaring gas prices across the country.
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