8/11, 7:57 PM (Source: TeleTrader)
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Biden: Monitoring US gas market for illegal activity

United States President Joe Biden said on Wednesday that he instructed the Federal Trade Commission (FTC) to monitor the country's gasoline market to detect any "illegal conduct" that is leading to higher prices for consumers despite a decline in oil prices.

Biden insisted his administration wants to ensure that "nothing stands in the way of oil price declines leading to lower prices for consumers." The US president also confirmed that Washington urged OPEC+ to reverse output cuts introduced due to the COVID-19 pandemic, noting that the economy is recovering and such action will help consumers pay less.

The American president also expressed optimism about the latest inflation report but pointed out his administration will continue to watch the data and will trust the Federal Reserve to take "appropriate action if and when" it will be needed.

Breaking the News / NP