U.S. President Biden directs FTC to wade into high cost of gasoline, punish any wrongdoing by oil and gas companies

I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct, he declares

“I am writing to call your attention to mounting evidence of anti-consumer behavior by oil and gas companies. The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining. The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately’’

Worried by rising fuel prices, U.S. President Joe Biden has asked the Federal Trade Commission (FTC) to investigate what he called anti-consumer behaviour by oil and gas companies operating in the country.

Biden, in a letter dated Nov. 17, 2021 to the Chair, FTC,  the Honourable Lina Khan and personally signed by him, a copy of which Persecondnews obtained, expressed concern about high prices of gasoline in spite of declining operating costs.

He directed FTC to swing into action immediately by investigating the cause(s).

“I am writing to call your attention to mounting evidence of anti-consumer behavior by oil and gas companies. The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining.

“The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.

“A few months ago at my request, the Director of the National Economic Council wrote to you asking the Commission to consider monitoring the U.S. gasoline market and addressing any illegal conduct occurring therein. I appreciate that, since then, you have directed the Commission staff to strengthen oversight of mergers in the oil and gas sector that result in less consumer choice and potentially higher prices.

“However, prices at the pump