President Joe Biden has asked the Federal Trade Commission to investigate why US gas prices are rising despite falling oil and unfinished gasoline prices, suggesting that oil companies are trying to increase their profits. are using illegal means.
Biden sent Letter FTC Chair Leena Khan asked him on Wednesday to investigate what she called “increasing evidence of anti-consumer behavior by oil and gas companies.”
The average price for a gallon of gas at the pump in the US is $3.41, according to AAA, which Biden noted is up 3% from the previous month.
The price of unfinished gasoline, which is combined with other liquids before making it into a pump, has fallen 5% in the past month, which Biden described as “an unexplained big difference”, noting that the pump Prices usually move with the price. Incomplete gasoline.
Biden said the two biggest US oil companies, Exxon and Chevron, are on pace to double their net income compared to 2019, and plan to spend billions of dollars in stock buybacks.