White House Asks FTC To Investigate U.S. Gasoline Prices
In an August 11 letter to Federal Trade Commission (FTC) Chair Lina Khan, Brian Dees, the Director of the National Economic Council, asked the FTC to “Use all of its available tools to monitor the U.S. gasoline market and address any illegal conduct that might be contributing price increases for consumers at the pump.”
Citing the asymmetrical phenomenon in oil and gas markets in which gas prices tend to rise more quickly to adjust to spikes in oil prices than they fall when the price declines, Deese said that “the President wants to ensure that consumers are not paying more for gas because of anti-competitive or other illegal practices.
This action by the White House to address rising gasoline prices has been used frequently by prior administrations of both parties.
EMA General Counsel will be responding to the letter shortly.
Meanwhile, White House national security adviser Jake Sullivan called on OPEC to increase their production amid pandemic-related cuts. Click Here for the story.