President Joe Biden is trying to attack U.S. inflation that recently hit a 31-year high and is eroding his popularity by blasting supply chain logjams and going after what the White House calls 'pandemic profiteers.'
Register now for FREE unlimited access to reuters.comFrustrated by the refusal of the Organization of the Petroleum Exporting Countries and Russia to boost production, the Biden administration is urging China and other oil-consuming nations to considerChina and other governments are looking at releasing oil from their strategic reserves in response, but Japan and South Korea said they cannot do so simply to deal with rising prices.
Citing mounting evidence that anti-consumer behavior by oil and gas companies is keeping fuel prices elevated, Biden this week asked the Federal Trade Commission, an independent agency, to dig deeper into possibleThe FTC launched an initial probe in August, but such probes seldom bear fruit because collusion in gas prices is hard to prove.
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