WASHINGTON, D.C. (CNN) – President Biden is calling for an investigation into oil and gas companies as he searches for a way to lower gas prices.
Biden has ordered the Federal Trade Commission to look into whether illegal conduct is pushing up prices at the pump. He did not cite any specific evidence of wrongdoing in his letter to the FTC, but he said prices remain high even though oil and gas companies’ costs are declining.
Oil companies said prices are surging because of increased demand since COVID-19 lockdowns.
This is Biden’s latest move to ease gas prices. Earlier this year, he failed to convince oil-producing nations in OPEC to increase supply.
The U.S. oil industry is slamming Biden’s call for an investigation.
The American Petroleum Institute called it a distraction Wednesday, saying the government should focus on increasing domestic oil and gas production.