The Strategist

Biden calls for investigation into possible business influence on high fuel prices

11/18/2021 - 07:50

Biden called on the antitrust regulator to check whether US oil and gas companies are taking illegal actions to maintain high petrol prices. Biden intervened amid mounting pressure over inflation and falling ratings.

Gage Skidmore
Gage Skidmore
US President Joe Biden has asked the Federal Trade Commission to investigate the role of oil and gas companies in rising gasoline prices, states The Wall Street Journal.

Biden said there is growing evidence of "anti-consumer behavior" by oil and gas companies. The antitrust agency should investigate whether companies are taking illegal actions to keep gasoline prices high, Biden said in a letter to commission head Lina Khan.

Biden's appeal to the antitrust regulator comes amid a drop in the US president's approval rating, notes the Financial Times. A growing number of Americans are unhappy with Biden's economic policies and rising inflation, the publication notes. 

The biggest US oil and gas companies by market value are ExxonMobil and Chevron. Exxon did not respond to requests for comment, while Chevron forwarded the request to the American Petroleum Institute (API), the industry's main lobbying arm. He told the WSJ that Biden's appeal was a "distraction from the fundamental market change that is taking place".