The daily business briefing: November 18, 2021

Biden asks regulators to examine energy firms' role in rising gas prices, UAW workers approve contract ending John Deere strike, and more

The Phillips 66 refinery
The Phillips 66 refinery
(Image credit: Justin Sullivan/Getty Images)

1. Biden asks FTC to look at fuel companies' role in gas price surge

President Biden on Wednesday told the Federal Trade Commission to investigate whether oil and gas companies are engaging in "illegal conduct" that is pushing gas prices higher during the pandemic. "The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies' costs are declining," Biden said in the letter. The national average price of a gallon of regular gasoline has risen to a seven-year high of $3.41, up $1.29 from a year ago, according to the American Automobile Association. California's average price set a record Tuesday at $4.687 per gallon. The jump in pump prices came as the price of U.S. benchmark crude oil nearly doubled over the last year.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.