Economy
Biden Calls On FTC To Investigate Oil Companies Over Rising 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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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 !
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’.
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!
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.
willyb
November 21, 2021 at 5:43 pm
When they conclude that he is the reason, what happens? Impeachment?
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!