High US gasoline prices may be the result of illegal activities by oil companies, US President Joe Biden said during his performances at the White House.
He explained that even before the decision to open strategic oil reserves was announced, the wholesale price for it had already dropped.
“The price of gasoline on the wholesale market has dropped by 10% over the past few weeks. But the price of gas at gas stations hasn’t dropped by a penny. In other words, fuel supply companies pay less and get much more, ”Biden said.
According to him, if the gap between wholesale and retail gasoline prices were in line with the average of previous years, Americans would now pay 25 cents less per gallon of fuel (about 3.7 liters). Instead, companies are cashing in on the difference and it is “unacceptable,” the president said.
He asked the US Federal Trade Commission to check whether the possible illegal and non-competitive behavior of oil companies is affecting the rise in prices for the population.