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Refiners Slip as Biden Asks FTC to Probe Firms For High Pump Prices -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – Shares of refiners trended decrease Wednesday after President Joe Biden ordered Federal Commerce Fee to redouble probe of power firms for doable anti-competitive or “unlawful conduct” out there.

Phillips 66 (NYSE:) and Valero (NYSE:) fell round 1%. Marathon Petroleum (NYSE:) rose 0.2%. Shares of built-in power firms like Chevron (NYSE:) and Exxon Mobil (NYSE:) pared good points to commerce nearly flat. ADRs of Shell (NYSE:) have been flat, too. Built-in power firms have each upstream operations like exploration and manufacturing in addition to downstream capabilities like refining and advertising and marketing of crude derivatives and thus higher positioned to resist regulatory motion. 

Biden’s letter follows his course to the antitrust regulator just a few months again, routed by means of the director of the Nationwide Financial Council, to go behind causes for spiraling gasoline costs. In his newest directive, Biden mentioned additional motion is required since “costs on the pump have continued to rise, whilst refined gasoline prices go down and trade earnings go up.”

The president identified that there’s an “unexplained massive hole between the value of unfinished gasoline and the typical value on the pump.”

“I due to this fact ask that the Fee additional look at what is going on with oil and gasoline markets, and that you simply convey the entire Fee’s instruments to bear should you uncover any wrongdoing,” the letter mentioned.

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