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Washington, D.C. – The Federal Trade Commission’s Chair, Lina Khan, has been personally asked by President Joe Biden to analyze the influence of oil and gas companies on the relentless rising price tag of gasoline. Extensive investigation of Exxon Mobil and Chevron, the two greatest oil and gas companies in the U.S., has been requested.
Biden addressed that pump costs correlate to the price of unfinished gasoline and within the past month, gas prices rose by 3% while the price of unfinished gasoline decreased by 5%. The President affirms illegal acts are responsible for the increasing pump prices considering that industry costs have been declining.
Since 2020, unleaded gasoline prices have skyrocketed by 60%, currently bringing the cost to an average $3.41 per gallon. Despite the President having restricted control over pump prices, Biden is submerged in the midst of accelerated inflation and poor favorability rankings.
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The average diesel price in the U.S. also seems to historically be on the rise with a gallon of on-highway diesel now costing $3.73. California has been hit with holding the nation’s highest diesel price at $3.93 a gallon followed by the Central Atlantic ($3.86), the Rocky Mountain region ($3.81), New England ($3.65), and the Midwest ($3.64). This is the highest diesel prices have been since October 6, 2014.
With excessive fuel costs, the price of 70% of goods and materials transported by trucks increases resulting in consumers needing to pay higher prices for their products. Inflated diesel prices limit the trucking industry’s capability of speedily transporting items and meeting demand.
Fuel price hikes also result in an increased demand for truck drivers. The U.S. already has 61,000 less qualified drivers than desired. Drivers are furthermore hesitant in taking on the task of transporting gasoline and diesel itself due to the stringent guidelines encapsulated in carrying hazardous materials.
