US President Joe Biden speaks throughout an occasion to commemorate Veterans Day at The Tomb of the Unknown Soldier at Arlington Nationwide Cemetary in Arlington, Virginia on November 11, 2021.

Nicholas Kamm | AFP | Getty Photos

President Joe Biden is asking the Federal Commerce Fee to look into habits from vitality corporations as costs on the pump hover round a seven-year excessive.

In a letter to Chair Lina Khan Wednesday, Biden stated there’s “mounting proof of anti-consumer habits by oil and gasoline corporations.” The letter famous that costs on the pump have remained excessive regardless of a decline within the worth of unfinished gasoline. “This unexplained giant hole between the worth of unfished gasoline and the common worth on the pump is nicely above the pre-pandemic common,” the letter stated.

The letter added that the “two largest oil and gasoline corporations in america” — that are Exxon and Chevron based mostly on market capitalization — are on monitor to nearly double their web earnings in contrast with 2019 ranges, whereas the 2 corporations have additionally introduced inventory buybacks and dividend hikes.

Biden’s newest request comes because the administration tries to quell the surge in gasoline costs and its contribution to inflation throughout the economic system. In August the administration known as on OPEC and its oil-producing allies to spice up output and likewise requested the FTC to analyze price-gouging on the pump.

The administration has repeatedly stated that it is inspecting the instruments at its disposal to alleviate a number of the burden on customers, which might embody tapping the Strategic Petroleum Reserve.

The nationwide common for a gallon of gasoline stood at $3.41 on Wednesday, in keeping with information from AAA. That is up from $3.31 one month in the past, and $2.12 one 12 months in the past.