U.S. President Joe Biden said there was mounting evidence of anti-consumer behavior by oil and gas companies and asked the Federal Trade Commission to dig deeper into possible anti-competitive or 'illegal conduct' in the market
Choices at the gas pump including ethanol or no ethanol gas are seen in Des Moines, Iowa, U.S., January 29, 2020. REUTERS/Brian Snyder
Gas prices have continued to rise at the pump even though the price of unfinished gasoline had dropped over the last month, Biden said, noting that the two largest U.S. oil and gas companies were on track to nearly double their net income compared to 2019. The FTC should use its authority to launch an "open study investigation" to obtain data on how companies set gas prices, and study actual pricing at the pumps, the White House said.
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