President Joe Biden warned oil and gas companies wednesday not to use Hurricane Ian as an excuse to hike prices at the gas pump.

In Florida, state law prohibits selling essential commodities including gasoline at an "unconscionable price"

during an emergency declaration. A price is considered "unconscionable" when there is a gross disparity between the price

during an emergency compared to the 30 days beforehand.

Biden said only 190,000 barrels of oil in the Gulf of Mexico have been impacted so far by Hurricane Ian,

accounting for just 2% of daily U.S. production.

If gas companies use Hurricane Ian to raise prices at the pump,

Biden said he would ask federal authorities to investigate whether price  gouging is occuring.

"America's watching. The industry should do the right thing."