Biden asks FTC to see if oil companies engaging in 'illegal conduct' as his inflation problems mount

President Biden is asking the Federal Trade Commission to look into whether oil companies are illegally increasing prices amid escalating gas costs for motorists. 

"The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately," Biden wrote in a letter to FTC Chairwoman Lina Khan, according to The Hill newspaper. 

"Prices at the pump have continued to rise, even as refined fuel costs go down and industry profits go up," Biden also said. "In the last month, the price of unfinished gasoline is down more than 5 percent while gas prices at the pump are up 3 percent in that same period. This unexplained large gap between the price of unfinished gasoline and the average price at the pump is well above the pre-pandemic average.

Gasoline is among numerous goods whose prices have recently increased, resulting in inflation concerns among Americans, as reflected in recent polls that also show the situation has impacted Biden's low approval rating.