White House takes aim at oil industry as gas prices create economic and politics rifts

His attack, which top aides quickly amplified on social media, comes as the White House is attempting to hit back at critics who allege the Biden administration isn’t doing enough to counter GOP allegations that inflation and rising prices are holding back the economy. White House officials counter that the economy is in fact surging despite unease from many Americans.

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“The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining,” Biden wrote in a letter to FTC Chair Lina Khan. “The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.”

Biden said that the price of unfinished gasoline is down 5 percent in the last month but prices at the pump are up 3 percent over that time, referring to this difference as an “unexplained large gap.” He doesn’t cite any specific illegal behavior on behalf of gas companies but asked the FTC to investigate whether any had occurred.

FTC spokeswoman Lindsay Kryzak said, “The FTC is concerned about this issue, and we are looking into it.”

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