In a letter sent to the US authority, Mr Biden said: “I am writing to call your attention to mounting evidence of anti-consumer behaviour by oil and gas companies.
“The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining. The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump.”
He urged the FTC to launch the investigation immediately and he added: “The unexplained large gap between the price of the unfinished gasoline and the average price at the pump is well-above the pre-pandemic average.
“Meanwhile, the largest oil and gas companies in America are generating significant profits off higher energy prices.”
President Biden noted that the two largest oil and gas companies in the US are on track to nearly double their net income over 2019, the last full year before the pandemic.
He said: “I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct.”