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InvestmentsRepublican FTC commissioners ask White House for evidence on gas price probe...

Republican FTC commissioners ask White House for evidence on gas price probe request By Reuters

© Reuters. FILE PHOTO: Signage is seen on the Federal Trade Commission headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo

WASHINGTON (Reuters) -Two Republicans on the Federal Trade Commission (FTC) requested the White House to reveal any “mounting evidence” of wrongdoing behind excessive gas costs after U.S. President Joe Biden urged the company to dig deeper into attainable “illegal conduct” available in the market.

FTC Commissioners Noah Phillips and Christine Wilson requested the administration to share the evidence “so that we might consider how to proceed.” Last week, Biden instructed FTC Chair Lina Khan there was “mounting evidence of anti-consumer behavior by oil and gas companies” and he urged the fee to “further examine what is happening with oil and gas markets.”

The White House stated in an announcement that the price on the pump usually strikes with the price of refined gas.

“But recently there has been a split where the price of refined gas is going down but prices at the pump are going up. The split is now nearly 30 cents larger than its historical average,” a White House official stated.

The two Republican commissioners stated they shared the priority of all Americans about present gas costs however famous the FTC had been requested to probe gas costs throughout earlier administrations and located no evidence of collusion or different unlawful habits.

“The FTC has a long history of studying the oil and gas industries,” they wrote. “For example, our agency’s work has highlighted the fact that prices at the pump may not correlate immediately with the price of crude.”

costs just lately touched seven-year highs and though they’re nonetheless a way in need of ranges reached between 2011 and 2014, once they broke by means of $100 a barrel, many shoppers are feeling the ache of a dramatic enhance from a 12 months in the past.

The United States stated on Tuesday it’ll launch thousands and thousands of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to attempt to cool costs after OPEC+ producers repeatedly ignored calls for extra crude.

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