President Biden calling on the Federal Trade Commission to investigate whether oil and gas companies are participating in illegal conduct aimed at keeping gas prices high. Our own Ines Ferre joining us now for more on that and to also wrap up the day in the oil pits. Ines?
INES FERRE: And Alexis, President Biden sending a letter to the FTC, basically saying that gasoline prices at the pump are high. And meanwhile, the cost for oil and gas companies is going down. The price of unfinished gasoline was down 5% over the past month. But the price at the pump was up a 3%. Gasoline price averages are now at $3.41 a gallon. That’s a 60% year over year increase, according to AAA.
And President Biden also, in that letter, naming two of the largest US oil companies. He didn’t name them by name, but presumably it’s ExxonMobil and Chevron, saying that their profits are up and that the buybacks– share buyback– they’re buying back their shares. Meanwhile, people are suffering with prices at the pump.
Wrapping up where we have ended with WTI for December futures, that is down to $78– excuse me, $78.36 a barrel. That’s where WTI settled. Meanwhile, we’re seeing that crude oil is down 2 and 1/2 percent. So these prices are really the lowest prices in a month.