Biden asked theFTC to investigate potential "illegal conduct" at oil andgas companies.- He wrote that as prices at the pump continue to rise, major players in the industry are making profits.
On Wednesday, Biden sent a letter to Federal Trade Commission (FTC) Chair
"The bottom line is this: gasoline prices at the pump remain high, even though oil-and-gas companies' costs are declining," Biden wrote. "The FTC has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately."
—Ronald Klain (@WHCOS) November 17, 2021
As Insider's Andy Kiersz reported, gas prices across the US hit their highest level since 2014 in October, with the average price per gallon amounting to $3.41 on November 8. This spike could come down to Americans traveling by car more often during the pandemic, constraining gas supply, and domestic and global oil producers are only moderately increasing supply.
Still, as Biden wrote in the letter, the largest companies in the industry — ExxonMobil and Chevron — have doubled their net income since 2019, contributing to evidence of the "anti-consumer behavior" the president referenced.
This is Biden's latest effort to take on rising prices and inflation that are hurting Americans' wallets across the country. In August, Biden asked the FTC to monitor potential illegal conduct in the US' gasoline market, and he also called on the Organization of the Petroleum Exporting Countries (
"I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct," Biden wrote. "I therefore ask that the Commission further examine what is happening with oil and gas