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11 August 2021

U.S. White House calls on OPEC+ to increase oil output to combat climbing gasoline prices - CNBC

“We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices,” National Security Advisor Jake Sullivan said in the statement obtained by CNBC. “Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery.”

According to CNBC, the Administration of the U.S. president also calls on the Federal Trade Commission (FTC) to “monitor the U.S. gasoline market” and “address any illegal conduct that might be contributing to price increases for consumers at the pump.” The letter from the National Economic Council (NEC) to the FTC urges the regulator to look into the factors contributing to the gain in gas prices in an effort to ensure that consumers aren’t footing an unfair bill. 

“With its suite of tools to monitor industry prices, review merger-and-acquisition activity, conduct market studies, and investigate market manipulation and anti-competitive practices, the FTC is well placed to lead the effort to evaluate what is happening in the U.S. gasoline market and take any necessary steps to address illegal conduct,” the letter said.

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