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Biden Calls On FTC To Investigate Oil Companies Over Rising Gas Prices

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Gas Prices

President Biden has called on the Federal Trade Commission to investigate oil and gas companies over rising fuel prices, suggesting that the companies may be engaging in illegal conduct that results in the rising prices – despite Biden consistently enacting policies that restrict the domestic production of oil since entering office.

“I am writing to call your attention to mounting evidence of anti-consumer behavior by oil and gas companies,” the letter said. “The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining. The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.”

The letter added, “prices at the pump have continued to rise, even as refined fuel costs go down and industry profits go up. Usually, prices at the pump correspond to movements in the price of unfinished gasoline, which is the main ingredient in the gas people buy at the gas station. But in the last month, the price of unfinished gasoline is down more than 5 percent while gas prices at the pump are up 3 percent in that same period. This unexplained large gap between the price of unfinished gasoline and the average price at the pump is well above the pre-pandemic average. Meanwhile, the largest oil and gas companies in America are generating significant profits off higher energy prices.”

Gas prices have reached their highest level since 2014, and are currently about 50% higher than they were when Biden entered office.

“U.S. gasoline prices in October averaged $3.38 per gallon while U.S. oil prices averaged $81.48 per barrel, according to the U.S. Energy Information Administration,” the Wall Street Journal reported. “The last time U.S. gas prices reached similar levels in October 2014—$3.25 per gallon—U.S. oil prices were $81.40 per barrel. U.S. oil production sharply increased since last year to about 11.5 million barrels per day, according to the EIA, but is still well below pre-pandemic levels of around 13 million barrels per day.”

The letter comes after the Biden administration confirmed that it is considering shutting down an oil pipeline in Michigan, which would place further pressure on fuel prices to rise.

“Revoking the permits for the [Line 5] pipeline that delivers oil from western Canada across Wisconsin, the Great Lakes and Michigan and into Ontario, would please environmentalists who have urged the White House to block fossil fuel infrastructure, but it would aggravate a rift with Canada and could exacerbate a spike in energy prices that Republicans are already using as a political weapon,” Politico Pro reported. “Killing a pipeline while U.S. gasoline prices are the highest in years could be political poison for Biden, who has seen his approval rating crash in recent months.”

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6 Comments

6 Comments

  1. WILLIAM FLYNN

    November 21, 2021 at 9:29 am

    WHAT AN IDIOT !! HE kills the pipelines and then wants to “investigate” Oil Companies?? He REALLY is Totally INSANE !

  2. BlueBoomerang

    November 21, 2021 at 9:35 am

    Biden wants to investigate (read that as harass and demonize) oil companies over the price increases Biden himself has caused? Terminate the XL pipeline, shut down Line 5 in Michigan which comes down from Canada, end oil leases on federal land, end fracking and end coal production in the US by 2030, end American oil independence achieved under Trump then beg OPEC to pump more oil to meet US needs then claim that somehow leads to a lower carbon footprint? Biden is a moron of biblical proportion. His pandering shows no ends. He’s sold out American and pretty much blamed all its problems on ‘white people’ and ‘oil companies’.

  3. Charisse

    November 21, 2021 at 9:36 am

    I think Biden is playing a cat & mouse game! He cut off the pipeline & wants to cut off the other pipeline while allowing Russia to have a pipeline! He want to blame the oil company, Trump, anyone but his administration. Yes fake President Biden & the rest of you goons, you are the problem, this was and is your plan for the Great Reset! Don’t pay attention to anything this government says, they own the media, and everything around you and all they want it to kill us off, make ppl poor and beg, take away everything you own. This has been their plan for a very long time. So when you hear Biden telling the oil company crap, he’s just talking out his butt!

  4. Tom Sullivan

    November 21, 2021 at 9:40 am

    What a f’ing IDIOT! When you go to war with the energy sector of the economy, what do you expect you clueless crook? Shove your green new deal up your ass.

  5. willyb

    November 21, 2021 at 5:43 pm

    When they conclude that he is the reason, what happens? Impeachment?

  6. Lin Fewell

    November 22, 2021 at 9:29 am

    He thinks he doing something! You idiot open our pipeline! You have so much hatred For Trump! Well at least he done good for us! American people President! You need to let it go! That is why people fought so hard for him!

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Economy

More Americans Seriously Concerned About Inflation Than Think Earth Is Round

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Joe Biden

A new poll found that 95% of registered American voters believe that inflation is a “somewhat serious” or “very serious” issue, which is more than the percentage of Americans who believe that the Earth is round.

The Harvard CAPS/Harris poll asked 2,000 registered voters from May 18-19 a series of questions on President Biden’s performance.

When asked, “Overall, how serious of an issue do you think inflation is for the country right now?” 27% of voters said “somewhat serious” and 68% of voters said “very serious.”

According to a 2017 national poll by Public Policy Polling, 7% of Americans either believe the Earth is flat or are not sure – meaning that it is a more outlandish belief to be unconcerned about inflation in the United States than it is to believe that the Earth might be flat.

The inflation crisis began shortly after Biden took office and steadily climbed to the highest rate in 40 years. Due to record high inflation, the real wages of American workers have fallen throughout Biden’s presidency. According to a report from the Bureau of Labor Statistics, the “Real average hourly earnings decreased 2.6 percent, seasonally adjusted, from April 2021 to April 2022. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 3.4-percent decrease in real average weekly earnings over this period.”

The April report showed that “this is another upward inflation surprise and suggests that the deceleration is going to be painstakingly slow,” said Seema Shah, chief strategist at Principal Global Investors, according to CNBC.

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Economy

CNN Anchor Shoots Down Biden Official’s Attempt To Blame Gas Prices On Putin

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Joe Biden

On Monday, Biden administration economic adviser Brian Deese was shot down by CNN anchor Jake Tapper as he attempted to blame the rising gas prices on Russian President Vladimir Putin’s invasion of Ukraine.

“Today, on average, gas is costing $4.60 a gallon, that’s up more than $0.10 a gallon from last week, almost $0.50 from last month,” Tapper began. “We’re one week away from Memorial Day, should Americans be buckling up for these high prices all summer?”

Deese claimed that President Biden’s administration was working hard to quell the rising gas prices and then blamed the prices on Putin.

“We’re doing everything we can to bring those prices down. As you know, this all emanates from Putin’s decision to invade Ukraine —” Deese said.

“Not all of it,” Tapper interjected. “Not all of it. Some of it, yes.”

“Just to be really clear, since troops started massing on the Ukrainian border and there was a concern that Russian supplies would come off, we have seen prices at the pump go up to $1.50. That is the price hike that is associated with the impact of taking Russian supply off the market,” Deese continued. “So, we’re doing everything we can to bring more supply onto the market.”

During Biden’s first year in office, gas prices rose nearly 50%; rising from $2.42 per gallon in January 2021 to $3.41 per gallon in January 2022 – a month before Russia launched its invasion of Ukraine on February 24.

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