Biden Asks FTC to Investigate ‘Illegal Conduct’ by Oil, Gas Companies

Biden asked the Federal Trade Commission on Wednesday to investigate whether “illegal conduct” by large oil and gas companies is hiking up prices.

This is the latest effort by the administration to target concentration in the energy industry to bring down gas prices, the New York Times reports. The move is unlikely to receive immediate FTC action and is also unlikely to noticeably change gas prices any time soon.

It could, however, spark the commission to investigate and gather data on how companies set gas prices.

In a letter to Lina Khan, chair of the commission, Biden claims “mounting evidence of anti-consumer behavior by oil and gas companies,” noting that gas prices have risen even as the cost of fuel has dropped and industry profits have risen.

On Monday, the average gallon of gas reached the highest price in seven years: $3.40.