Alvaro Bedoya is set to be confirmed to the U.S. Federal Trade Commission this week, Senate Majority Leader Chuck Schumer has confirmed, with the agency receiving the required number of votes to launch an investigation into oil companies Democrats claim are artificially inflating gasoline prices.
Vice President Kamala Harris is expected to break a 50/50 Senate tie over the nomination and swing the vote in the Democrats’ favor. At present there are two Democrats and two Republicans serving as FTC commissioners, resulting in frequent stalemates. Bedoya’s appointment will swing the balance in Democrats’ favor.
Democrats accuse major oil companies of “gouging” consumers with high prices. The 3-2 majority on the commission will now allow this to be investigated.
“He will give Lina Khan and the FTC the majority to go after the oil companies and go after gouging,” Schumer said during a press conference in New York City. Khan, also a Democrat, is chair of the FTC.
Gasoline prices have soared, with an average price of $4 per gallon nationally compared to $2.90 just one year ago. A major driver has been the impact of Russia’s invasion of Ukraine and the resulting surge in global commodity prices, but leading Democrats claim that companies have also exploited the situation to boost profits.
The American Petroleum Institute, which represents oil and natural gas companies, argues that the companies it represents are not at fault and prices are determined by supply and demand.
Schumer accused companies of generating “wartime profits” following Russia’s military action against its neighbor.
Bedoya was previously chief counsel of the U.S. Senate Judiciary subcommittee on privacy, technology and the law. He also served as chief counsel to Senator Al Franken.