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Why Biden’s call for an investigation into gas, oil companies likely won’t lower prices

The president wants to know if there is illegal conduct linked to the high prices

President Joe Biden has asked the Federal Trade Commission to look into whether illegal conduct by the big oil and gas companies is pushing fuel prices higher. 

In his letter to the FTC, the president noted that while prices at the pump continue to climb, the actual cost of refined fuel has fallen. Meanwhile, the two largest oil and gas companies are expected to double their net income over 2019 earnings.

RELATED: Here's why gas prices keep going up with holiday travel right around the corner

Prices unaffected, future investigations

The New York Times says this move by the White House is unlikely to affect prices at the pump, at least in the near future. That is because the FTC is unlikely to take immediate action, but if they did open an investigation, any data they uncovered about how gas prices are being set could be used in the future to crack down on companies.

Prices increase during holiday travel

This is just the latest effort to do something about gas prices, which have soared as demand has increased. The administration called on OPEC to increase supply back in August, and it says it is looking into tapping the nation’s strategic petroleum reserve. 

Meanwhile, prices at the pump remain high as we head into the holiday travel season.

RELATED: Easy ways to save money on gas

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