President Biden Asks FTC Chair to Examine Gas and Oil Price Increases

In a letter to FTC Chair Lina Khan, President Joe Biden expressed concern regarding the increase in the prices of gas and oil to consumers and asked the FTC to investigate.

President Biden mentioned that increases in the prices of gasoline and oil to consumers usually coincide with an increase in the underlying cost of raw materials. Due to the large discrepancy between the declining costs of raw ingredients and the increasing cost of end-user gasoline prices, President Biden asked Ms. Khan to have the FTC examine whether there are currently any instances of anti-competitive behaviors or other potentially illegal conduct by gas and oil companies.