Inflation is perhaps the largest problem the Biden administration must tackle, and the biggest part of inflation is gas prices. Those prices have risen throughout the year—even if there are signs that it has hit a peak—and left the president with limited options for how to deal with it.

On Wednesday, the president availed himself of one of those options: writing a letter to the chair of the Federal Trade Commission (FTC) about what he called “mounting evidence of anti-consumer behavior by oil and gas companies.”  

“The bottom line is this: Gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining,” the president wrote in the letter to FTC Chair Lina Khan. “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 also noted that while the price of unfinished gasoline has been dropping, gas prices have been rising.  

“This unexplained large gap between the price of unfinished gasoline and the average price at the pump is well above the pre-pandemic average,” the president wrote. “Meanwhile, the largest oil and gas companies in America are generating significant profits off higher energy prices.” 

CNN noted that the step is unlikely to solve the problem in the short term.  

“The move isn’t likely to have an immediate effect on the price consumers are paying for gas, which has recently soared as post-pandemic demand outpaces supply,” the report said. “But Biden is seeking ways to show he is working to bring prices down, and the FTC’s findings could help in the long run if they find wrongdoing.” 

Khan, a law professor and vocal critic of tech monopolies, was confirmed as FTC chair in June, as her anti-monopoly critiques of Amazon and other tech companies earned purchase from members of both parties.  

Meanwhile, there are signs this week that gas prices may have hit their peak. The average gas price in the United States dropped to $3.40 a gallon, a 2.6 percent decrease from the week before, according to GasBuddy. 

“As of Sunday evening, the national average price of gasoline posted its first weekly decline in months. As the price of oil continues to struggle, Covid cases flare up and anxiety over demand starts rising, motorists are likely to see the declines continuing into this week,” Patrick De Haan, head of petroleum analysis for GasBuddy, said on its website. “While it’s not known how long market conditions will continue to push gas prices down, it appears that the fall should last through Thanksgiving, just in time for millions of Americans to prepare to hit the road for the holiday. However, the damage may already be done.”  

Stephen Silver, a technology writer for the National Interest, is a journalist, essayist and film critic, who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver. 

Image: Reuters