Campaigns Engage In Tug-of-war Over Gas Prices As Summer Travel Begins

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The Biden administration earlier this week said 1 million gallons of oil will be released from reserves in the northeastern United States, in an effort to curb prices ahead of summer driving. And officials with the Biden campaign pointed out Thursday a Wall Street Journal report that prices are trending downward even before the weekend.

The national average price of a gallon of gas was $3.615 Thursday, according to automotive group AAA , down from an all-time high of $5.016 in June 2022.

Earlier in May, the Federal Trade Commission alleged that Scott Sheffield, the CEO of Pioneer Natural Resources, "attempted to collude with the representatives of the Organization of Petroleum Exporting Countries (OPEC) and a related cartel of other oil-producing countries known as OPEC+ to reduce output of oil and gas, which would result in Americans paying higher prices at the pump, to inflate profits for his company."

During Thursday's event, Schumer said he would be sending a letter to the U.S. Justice Department next week "calling on them to investigate and prosecute collusion and price fixing that may have increased gasoline, fuel and energy costs, based on the report done by the FTC, when they unfortunately allowed (Exxon) Mobil to … merge with Pioneer (Natural Resources), which I thought was a bad idea."