President Joe Biden asked the Federal Trade Commission on Wednesday to "immediately" investigate oil and gas companies over possible "illegal conduct" related to rising prices nationwide.

In his letter to FTC Chair Lina Khan sent Wednesday, Biden cited "mounting evidence of anti-consumer behavior by oil and gas companies."

What You Need To Know

  • President Joe Biden sent a letter to the FTC asking the agency to "immediately" investigate possible "illegal conduct" by oil and gas companies over surging prices

  • Prices at the pump are sitting around a seven-year high, according to fuel app GasBuddy; The current average for a gallon of regular gas nationwide is $3.413, per AAA

  • In his letter, Biden cited "mounting evidence of anti-consumer behavior by oil and gas companies" and criticized the fact that the "two largest oil and gas companies in the United States ... are on track to nearly double their net income compared over 2019"

  • Gas prices per gallon are highest in California ($4.69), Hawaii ($4.35) and Nevada ($3.98), per AAA

The action from Biden comes amid a surge in gas prices. Prices at the pump are sitting around a seven-year high, according to fuel app GasBuddy. The current average for a gallon of regular gas nationwide is $3.413 as of Wednesday, according to AAA.

"The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies' costs are declining," Biden wrote, citing that the "two largest oil and gas companies in the United States ... are on track to nearly double their net income compared over 2019."

Gas prices per gallon are highest in California ($4.69), Hawaii ($4.35) and Nevada ($3.98), per AAA, while prices are lowest in states like Oklahoma ($2.99), Texas ($3.04), Wisconsin ($3.13), Kansas ($3.099), Missouri ($3.09) and South Carolina ($3.13).

"I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct," the president added. "I therefore ask that the Commission further examine what is happening with oil and gas markets, and that you bring all of the Commission's tools to bear if you uncover any wrongdoing."

The Biden administration is currently investigating other tools it has at its disposal in order to alleviate headaches over prices at the pump, such as tapping the nation's Strategic Petroleum Reserve. The president also asked OPEC nations and other oil-producing nations to ramp up production.

This is a developing story. Check back later for further updates.