The average gallon of gas was nearly $3.40 in the United States on Monday, according to the Energy Information Agency, its highest price in seven years.
If the gap between refined fuel costs and gasoline prices at the pump were to return to normal prepandemic levels, drivers would be paying as much as 25 cents less per gallon, White House officials estimate.
Earlier this year, Mr. Biden asked the commission to monitor the gasoline market for any illegal conduct. The commission responded by increasing scrutiny of mergers in the oil and gas industry.
Soaring gas prices, driven by an OPEC choke on production and renewed driving as commuters and travelers return from a pandemic hiatus, have dented Americans’ views of the economy and helped fuel an acceleration of inflation that has jeopardized part of Mr. Biden’s economic agenda in Congress.