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National security adviser Jake Sullivan. Photo: Chip Somodevilla/Getty Images

The White House on Wednesday morning moved to address higher gas prices by directing the Federal Trade Commission to investigate any "illegal conduct" and "anti-competitive practices" involving gasoline prices, and leaning on OPEC+ members to boost production.

Flashback: In July, OPEC+ agreed to boost production by 400,000 barrels per day on a monthly basis starting this month and lasting into 2022.

What they're saying: In a statement released Wednesday morning, White House national security adviser Jake Sullivan stated that unchecked higher gasoline costs risk harming the economic recovery.

  • "While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022," Sullivan wrote. "At a critical moment in the global recovery, this is simply not enough."
  • Sullivan said the Biden administration is "engaging with relevant OPEC+ members" to discuss "the importance of competitive markets in setting prices."

Go deeper

Updated Aug 22, 2021 - Politics & Policy

Biden hasn't ruled out sending more troops to Kabul, national security adviser says

National security adviser Jake Sullivan said on Sunday that President Biden hasn't ruled sending more troops to the airport in Kabul, but "at the moment, we believe we have sufficient forces on the ground.”

The big picture: The president's senior national security team made the rounds on the Sunday political talk shows to explain — and defend — the Biden administration's handling of the ongoing turbulence in Afghanistan.

Updated 41 mins ago - Politics & Policy

Biden lays out $1.75 trillion "framework" before Europe departure

President Biden in Kearny, N.J., on Oct. 25. Photo: Michael M. Santiago/Getty Images

President Biden announced Thursday a "framework" for $1.75 trillion in social program and climate change spending after failing in prior efforts to win over his fellow Democrats on a much broader and costlier package.

Why it matters: Biden is gambling that by proclaiming the broad contours of the proposal, which he immediately began selling in a meeting with House Democrats before jetting off to Europe, progressives will vote for his $1.2 trillion infrastructure plan if and when House Speaker Nancy Pelosi brings it to the floor.

Economy slows in third quarter amid Delta variant

Data: FRED; Chart: Axios Visuals

The U.S. economy increased at an annual rate of 2% in the third quarter, the Department of Commerce said Thursday.

Driving the news: The gross domestic product figures for July through September come in much lower than the 6.7% increase in the second quarter, reflecting the "continued economic impact of the COVID-19 pandemic," according to the Bureau of Economic Analysis at the Department of Commerce.