Biden asks FTC to investigate possible ‘illegal conduct’ into gasoline prices

Politics

President Joe Biden walks over to speak to reporters as he prepares to depart Manchester-Boston Regional Airport, Tuesday, Nov. 16, 2021, in Manchester, N.H. (AP Photo/Evan Vucci)

WASHINGTON (AP) – President Biden has asked the Federal Trade Commission to monitor gasoline prices and address any illegal conduct being observed and is engaging with countries and entities abroad like OPEC on increasing supply.

Biden went a step further on Wednesday, sending a letter asking the FTC chair to consider investigating “whether illegal conduct is costing families at the pump.” The letter noted an “unexplained” gap in the price of unfinished gasoline and prices for consumers at the pump.

Biden on Wednesday will visit a General Motors plant in Detroit that manufactures electric vehicles. He’ll use the occasion to make the case that the $7.5 billion in the new infrastructure law for electric vehicle chargers will help America get “off the sidelines” on green-energy manufacturing. Currently, the U.S. market share of plug-in electric vehicle sales is one-third the size of the Chinese EV market.

“It’s a big deal,” Biden declared as he signed the bill into law at a White House ceremony on Monday.

Two top White House advisers, writing in the Detroit Free Press, said the legislation will help America regain its global competitiveness, which has waned, they contend, “after decades of delay and decay.”

White House press secretary Jen Psaki has stressed that the administration is looking at “every tool in our arsenal” to combat high gasoline prices, saying that Biden and his economic team are “quite focused” on the issue.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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