President Joe Biden called on the Federal Trade Commission to investigate oil and gas companies for high gasoline prices, the latest White House attempt to portray itself as addressing high energy prices without taking measures to increase domestic supply of fossil fuels.
Biden asked FTC Chair Lina Khan in a letter Tuesday to “call attention” to gasoline prices increasing despite a decrease in costs for refined fuel and said that industry profits indicate companies are illegally capitalizing on high prices at the pump.
“The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining,” Biden said. “The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.”
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Biden has been facing increasing pressure to take action on mounting gas prices as global oil cartel OPEC+ declines to increase output substantially in response to the administration’s requests. Rising energy prices, along with broader inflation, have sent Biden’s popularity plummeting.
Administration officials have at once asserted that oil prices are out of Biden’s hands while also maintaining that he has various “tools” at his disposal to affect prices, though Biden himself has downplayed his own ability to do so.
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Energy Secretary Jennifer Granholm hinted last week that Biden would likely be taking some kind of action soon, with many expecting him to open the Strategic Petroleum Reserve to add supply to the market, but no such action has been announced.
Democrats have urged Biden to act quickly and to consider an export ban to prevent domestic producers from shipping fuel overseas while prices remain high at home.
