Biden asks FTC to look into whether oil companies are illegally increasing prices
Wednesday, November 24, 2021
President Biden has asked the head of the Federal Trade Commission to investigate whether oil companies are illegally increasing prices, according to The Hill.
“The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately,” Biden wrote in a letter to FTC Chairwoman Lina Khan last week.
Biden also noted that oil and gas companies have been generating significant profits, stating two of the largest companies in the U.S. are on track to nearly double their income over 2019.
Gas prices saw a 6.1% increase in October, according to the Labor Department, and are about 24% higher than in October 2019.
Learn more: The Hill > Biden asks for probe of potential ‘illegal conduct’ on gas prices
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.