President Joe Biden is calling on the FTC to immediately investigate the oil industry and gasoline companies over what he calls “anti-consumer” behavior amid soaring prices at the pump, which are hitting record levels.
Biden urges FTC to investigate potential illegal conduct amid skyrocketing gas prices
On Wednesday, President Joe Biden called on the Federal Trade Commission (FTC) to launch an immediate investigation into oil and gas companies, alleging potential “illegal conduct” and “anti-consumer” behavior leading to higher gasoline prices, the Washington Post reported.
Biden wrote a letter to FTC Chair Lina Khan urging the agency to investigate the matter, ABC reported.
“The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining,” Biden wrote in the letter. “The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.”
The soaring gas prices are a political problem for the Biden administration. A new ABC/Washington Post poll shows that 70% rating the economy negatively, with 38 percent saying it is in “poor” conditions. Roughly half of those polled overall, including political independence, blame fast-rising inflation on Biden.
Gas prices hitting record levels before Thanksgiving weekend
The American Automotive Association (AAA) forecasts that over 48 million Americans will be hitting the road next week as part of the Thanksgiving holiday. According to AAA, Thanksgiving travel could reach near pre-pandemic levels this year.
As of this writing, the national average for a gallon of regular unleaded gasoline was $3.414, according to the gas pricing tracking page at AAA.
California had the highest gas prices in the nation at $4.69, followed by Hawaii at $4.35, Nevada at $3.98, Washington at $3.87, and Oregon at $3.78, rounding out the top five.
Oklahoma had the lowest prices in the nation at $2.99, followed by Texas at $3.03, Arkansas at $3.05, Mississippi at $3.07, and Missouri at $3.08.
At the beginning of this week, California set an all-time high for its average gas prices, CNN Business reported.
“Monday’s price for regular unleaded was six-tenths of a cent higher than the Sunday average reported by AAA, which broke the record of $4.671 previously set in October 2012.
However, in some areas of northern California, prices are nearing $5, including Humboldt County, where the average price was $4.97 on Monday, while the Bay Area as a whole is over $4.85, a spokesperson for AAA said.
