The Federal Trade Commission (FTC) plans to ramp up enforcement of anticompetitive practices by oil and gas companies, as the Biden administration presses for ways to alleviate unusually high fuel prices for motorists.
FTC Chair Lina Khan told White House National Economic Council Director Brian Deese in a memo last week that she is directing regulatory staff to ensure that the consolidation of large oil and gas firms is not leading to higher prices through “collusive practices.” Khan also vowed additional steps to “deter unlawful mergers” in the oil and gas industry and investigate whether “the power imbalance favoring large national chains” force fuel station franchisees to sell gasoline at higher prices.
The directive comes as part of the White House’s broader antitrust push aimed at deterring corporate consolidation in a handful of major economic sectors. Khan, an antitrust crusader, was tapped by Biden for the powerful FTC position in June. The administration has faced political attacks from Republicans over high prices — particularly at the pump — and sought to demonstrate to voters that it is trying to cool inflationary trends.
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