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WASHINGTON – President Joe Biden said on Wednesday his administration was taking action to crack down on illegal activities that could contribute to rising gas prices.
Biden announced that the National Economic Council has asked the Federal Trade Commission to use “all available tools” to monitor the U.S. gasoline market and look for any illegal activity that could drive up gas prices as the cost of gasoline increases. per barrel of oil is increasing. down.
“It’s not what you expect in a competitive market,” Biden said from the White House. “I want to make sure that nothing stands in the way of lower oil prices causing lower prices for consumers.”
The administration’s actions come as gas prices have risen more than energy prices over the past year. The price of gas jumped 42%, while energy rose 24%, according to the Ministry of Labor. The average gas price in January was $ 2.326, almost a dollar lower than the average gas price last month.
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According to AAA, the average price of gas as of Wednesday is $ 3,185. The national average is expected to stay above $ 3 for the remainder of the summer, AAA said last week.
Overall consumer prices have risen in recent months, which Biden and his administration say is a temporary result due to the recovery from the coronavirus pandemic. Consumer prices rose 4.3% in the 12 months ending in July, according to a Bureau of Labor Statics report released on Wednesday.
“During this summer driving season, there have been discrepancies between the price of oil and the cost of gasoline at the pump,” Brian Deese, director of the White House Economic Council, said on Wednesday in a statement. letter addressed to the President of the Federal Trade Commission, Lina Kahn.
With its suite of tools to monitor gas prices, review M&A activity, conduct market research, and investigate market manipulation and anti-competitive pricing, the commission is well positioned to assess the U.S. market. of gasoline and take whatever action is necessary, Deese said. .
He urged the commission to work with other federal agencies and state attorneys general on its investigation.
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Earlier Wednesday, National Security Advisor Jake Sullivan urged the oil-producing countries that make up OPEC to increase production, citing the need for reliable and stable global energy markets amid the coronavirus pandemic.
While oil-producing countries recently agreed to increase production, this will not fully offset production cuts imposed during the pandemic before 2022, Sullivan said.
“At a critical time in the global recovery, this is just not enough,” he said.
Rising gasoline costs, if left unchecked, could hurt the ongoing global recovery, Sullivan said. “Competitive energy markets will ensure reliable and stable energy supplies, and OPEC + must do more to support the recovery,” he said.
Michael Collins and Rebecca Morin cover the White House. Follow Collins on Twitter @mcollinsNEWS and Morin @RebeccaMorin_.
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This article originally appeared on USA TODAY: Gas Prices: Biden Calls for Investigation into “Illegal Activity”
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