White House moves to protect consumers, directs agency to investigate rising gas prices

*Concerned about consumers’ welfare in the country’s economy, the Joe Biden Administration has requested the Federal Trade Commission to investigate the rising gas prices in the United States

Isola Moses | ConsumerConnect

Against the backdrop of recent increases in prices of the product in the country, the Joe Biden administration in the United States (US) has decided to get tough on gas prices to protect the interest of consumers.

ConsumerConnect gathered the White House thinks that current prices are unacceptable, and has directed country’s Federal Trade Commission (FTC) to investigate the situation.

Gas station in the US

President Biden in letter to FTC Chairwoman Lina Khan wrote: “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 President also stated: “Prices at the pump have continued to rise, even as refined fuel costs go down and industry profits go up.

“In the last month, the price of unfinished gasoline is down more than 5 percent while gas prices at the pump are up 3 percent in that same period.

“This unexplained large gap between the price of unfinished gasoline and the average price at the pump is well above the pre-pandemic average.”

Agency report noted that Biden would not likely settle for less than a complete deep dive from the regulatory Commission to probe the situation and find out if something illegal is happening in the marketplace.

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

“I therefore ask that the Commission further examine what is happening with oil and gas markets, and that you bring all of the Commission’s tools to bear if you uncover any wrongdoing to FTC,” Biden further stated in his letter to FTC.

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