Biden asks regulators to examine possible ‘illegal conduct’ by oil and gas companies as prices soar
Inflation surges to 31-year high. What the jump in consumer prices means for your pocketbook, Joe Biden’s troubles
The national average price for a gallon of regular gasoline is $3.41 – $1.29 more than a year ago, according to the American Automobile Association. Although the national average dropped a penny last week, gas prices in California broke a new record Tuesday with an average price tag of $4.687 for a regular gallon.
Biden said gas prices at the pump typically respond to changes in the prices of unfinished gasoline, which he noted is down more than 5% over the last month while gas prices are up 3% over the same period.
Gas prices in California soar above $4.60 a gallon, hitting record high numbers
“I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,” Biden said in the letter. “I therefore ask that the commission further examine what is happening with oil and gas markets, and that you bring all of the commission’s tools to bear if you uncover any wrongdoing.”
“monitor” for potential illegal conduct by oil and gas companies.
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