President Joe Biden is asking the Federal Commerce Fee to look into conduct from vitality firms as costs on the pump hover round a seven-year excessive.

In a letter to Chair Lina Khan Wednesday, Biden mentioned there’s “mounting proof of anti-consumer conduct by oil and fuel firms.” The letter famous that costs on the pump have remained excessive regardless of a decline within the value of unfinished gasoline. “This unexplained massive hole between the value of unfished gasoline and the typical value on the pump is properly above the pre-pandemic common,” the letter mentioned.

The letter added that the “two largest oil and fuel firms in the US” — that are Exxon and Chevron primarily based on market capitalization — are on observe to nearly double their web earnings in contrast with 2019 ranges, whereas the 2 firms have additionally introduced inventory buybacks and dividend hikes.

Biden’s newest request comes because the administration tries to quell the surge in fuel costs and its contribution to inflation throughout the economic system. In August the administration known as on OPEC and its oil-producing allies to spice up output and likewise requested the FTC to research price-gouging on the pump.

The administration has repeatedly mentioned that it is analyzing the instruments at its disposal to alleviate a number of the burden on shoppers, which might embody tapping the Strategic Petroleum Reserve.

The nationwide common for a gallon of fuel stood at $3.41 on Wednesday, in accordance with knowledge from AAA. That is up from $3.31 one month in the past, and $2.12 one 12 months in the past.