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High gas prices: President Biden calls for FTC investigation into whether illegal conduct is pushing up prices

Los Angeles (KABC)-President Joe Biden is calling on the Federal Trade Commission to investigate whether large oil and gas companies are involved in illegal activities that raise gas prices.

In a letter to the FTC chair, the president claims that “there is plenty of evidence of anti-consumer behavior by oil and gas companies.” Biden added that America’s largest oil and gas company is making big profits from rising energy prices.

Governor Gavin Newsom, who was in the ports of Los Angeles and Long Beach on Wednesday, said he would support the president’s actions.

“We applaud the president today for his letters, open letters, what’s happening at OPEC, and public opinion about potential manipulations related to what’s happening in oil-producing countries around the world,” Newsum said. ..

So why have gas prices rise by more than $ 1.50 per gallon over the past year?

Dr. Rodney Ramcharan, a professor of financial and business economics at the USC, said people are on an adventure now that demand for oil during a pandemic has plummeted and vaccines are readily available. I will explain.

“With the advent of vaccines, we are in a hurry to go and use now, we are in a hurry to come back,” he said. “And now you see this big surge in oil prices, as such things are plunged into the oil market, which translates into gas prices.”

Ram Charan points out that rising gasoline prices will also affect items such as groceries. The price of fuel for delivering groceries to your neighborhood store will be passed to you …

Some rideshare drivers are experiencing pump pain. Some say it’s too expensive to drive people, including local Uber driver Jobani Diaz, who said he was looking for another way to make a living.

Matthew Bandura has been driving at Uber for five years. He says carpooling companies like Uber are doing what they can to help drivers. He says Uber gives incentives and bonuses to compensate for the high cost of gas.

Expert advice is to keep shopping at the lowest prices.

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High gas prices: President Biden calls for FTC investigation into whether illegal conduct is pushing up prices Source link High gas prices: President Biden calls for FTC investigation into whether illegal conduct is pushing up prices

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