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Ask Alexa and start learning a new language today. I'm John Batsch.

I welcome Professor Richard Epstein, a senior fellow of the Hoover Institution. He teaches law at NYU University of

Chicago. Energy, oil, the price of gasoline. Within these last days, I read from a report at oil price.com President Joe Biden

asks the Federal Trade Commission to investigate the possibility of oil

companies involvement in price trends. to investigate the possibility of oil companies'

involvement in price trends in retail fuels,

alleging illegal conduct on the part of the companies.

The quote, there is allegedly, quote, mounting evidence of anti-consumer behavior of oil and

gas companies according to a letter sent by the White House to FTC Chairwoman Lena Khan.

Despite the fact that blended gasoline prices were down more than 5% over the last month,

the letter said, finished gasoline prices were 3% higher over the period.

Professor, a very good day to you, thank you. There's much to discuss about energy worldwide, but let us focus on the idea that the FTC has been charged to looking into illegal conduct.

What does that mean, Richard? What are they looking for? And we're talking about not only oil companies,

but whole oil states as well.

What would they find?

Good evening to you.

Yes, well, look, there is a standard theory of economics

which says that when you have a group of producers

...