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Biden asks FTC to investigate 'any illegal conduct' by 'Big Oil' that's raising prices at the pump after urging OPEC to pump more and shutting down the Keystone Pipeline

High gas prices are frustrating Americans across the nation, and have left the Biden administration scrambling.

The White House on Thursday asked the Federal Trade Commission to look into high gas prices, across the nation, noting that the cost of crude oil has dropped while the price at the pump has not. 

'Recently we've seen the price that barrel companies pay for a barrel of oil begin to fall but the cost of gasoline at the pump for more American people hasn't fallen. That's not what you would expect in a competitive market,' President Biden said in an address.  

But at the same time, the administration demanded OPEC nations produce more oil.  

National Economic Council Director Brian Deese wrote a letter to FTC director Lina Khan asking her to launch a probe looking for any potentially illegal conduct or price manipulation. 

The average WTI crude oil price on Wednesday was $69.23/barrel, down from around $75/barrel in early to mid-July but still far above the average price of $39.68 in 2020. 

Meanwhile, gas prices averaged $3.19 per gallon on Wednesday, up from $3.14 in July and way up from $2.17 in August 2020. 

Gas prices averaged $3.19 per gallon on Wednesday, up from $3.14 in July and way up from $2.17 in August 2020.

Gas prices averaged $3.19 per gallon on Wednesday, up from $3.14 in July and way up from $2.17 in August 2020.

 

'That's not what you would expect in a competitive market,' Biden said of gas prices, noting that the cost per barrel had slightly fallen while the cost at the pump remained high

'That's not what you would expect in a competitive market,' Biden said of gas prices, noting that the cost per barrel had slightly fallen while the cost at the pump remained high 

'During this summer driving season, there have been divergences between oil prices and the cost of gasoline at the pump,' Deese wrote. 'While many factors can affect gas prices, the president wants to ensure that consumers are not paying more for gas because of anti-competitive or other illegal practices.'  

Deese asked the FTC to look into the 'asymmetrical phenomenon' where between the cost per barrel of oil and cost per gallon of gas. 

New data released by the Department of Labor on Wednesday showed that as the nation opens up again after the pandemic, gas prices are up 42 percent over last year and energy is up 24 percent. 

Industry experts were skeptical that the FTC investigation would come up with anything illegal.

'The president is eager to burn a few bridges,' Patrick De Haan, head of petroleum analysis at GasBuddy, told DailyMail.com. 'To suggest that the FTC should get involved suggests that the president has no trust in oil companies, no trust in gas stations for charging appropriate prices. It's a little far-fetched to suggest anything is amiss.'  

National Security Adviser Jake Sullivan sounded the alarm about steep prices at the pump in a statement on Wednesday, while accusing oil-producing nations across the Middle East of not doing enough. 

'Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,' Sullivan said.  

'At a critical moment in the global recovery, this is simply not enough,' he said, adding that the administration was pressuring oil producers to undo the production cuts of the Covid-19 pandemic.  

The statement comes as the administration weighs inflation concerns with rising fuel prices against its climate change agenda, which led to cuts on the U.S.'s ability to produce its own oil. 

Republicans have blamed Biden's shift toward green energy, which includes nixing the Keystone XL pipeline permit and pausing new federal oil and gas leases. 

Biden's Department of Energy's statistics agency found that the pause will have 'no effect' on energy prices until 2022 due to an 8 to ten-month delay from leasing to production. 

The pipeline was to carry some 830,000 barrels of crude oil daily from Canada to Nebraska. 

De Haan said the high prices were likely due to demand for oil shooting up far faster than supply, but said it wasn't the right move to issue a public statement demanding oil-producing nations up their supply and suggested the administration was looking for a 'scapegoat.' 

At the same time the administration is demanding more oil from the Middle East,  it is pushing through a $3.5 trillion spending package fraught with funds for climate initiatives, because 'we can't wait any longer,' to act on climate change, as the president says. 

The bill includes at least $333 billion for environmental and clean energy initiatives. 

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