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.
Biden’s letter to Lina Khan, chair of the FTC, claims “mounting evidence of anti-consumer behavior by oil and gas companies.” Biden notes that prices at the pump have risen even as the costs of refined fuel have fallen and industry profits have gone up.
Around 48 million people will take to the roads for the Thanksgiving holiday, according predictions by motorist assistance company AAA. At around $3.40, the average price at the pump this week is the highest since 2014, said Patrick De Haan, head of petroleum analysis at GasBuddy.David Paul Morris / Bloomberg via Getty Imagessurpassing $3 a gallon for the first time in more than half a decade
Biden adds, the two largest oil and gas companies in the U.S., as measured by market capitalization, are on track to nearly double their net income over 2019, the last full year before the Covid pandemic.
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