Joe Biden refuses to take responsibility for the skyrocketing gas prices which are causing harm to Americans.
USA Today reports that gas prices are at an all-time high of 31 years.
Biden claimed that oil and gas companies engage in illegal conduct and overcharging Americans to pump their money.
Biden didn’t present any evidence. He instead called for federal regulators to investigate the wild conspiracy.
He claims that gas companies overcharge Americans at the pumps by failing to pass on savings from lower wholesale gasoline prices to the pump prices.
In the face of increasing political pressure, Biden wrote Lina Khan, chair of the Federal Trade Commission.
He says there is “mounting evidence of anti-consumer behavior by oil and gas companies.”
“The bottom line is this,” Biden explains. “Gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining.”
Multiple fact-checks have already reported that Biden’s claims were “False.”
These fact checks have concluded that “gas prices are not abnormally high relative to either wholesale gasoline prices or crude oil prices.”
The White House announced that 50 million barrels would be released from the Strategic Petroleum Reserve.
The temporary solution of tapping the petroleum reserves would not work.
The bigger issue is that the Biden administration stopped the XL Keystone Pipeline, the flow of existing pipelines and prohibited drilling on federal lands.
Biden claims, “The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.”
“This unexplained large gap between the price of unfinished gasoline and the average price of the pump is well-above the pre-pandemic average,” Biden said.
Biden asserts that the biggest oil and gas companies are making “significant profits from higher energy prices.”
“I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,” Biden said in the letter.
“I, therefore, ask that the commission further examine what is happening with oil and gas markets and that you bring all of the commission’s tools to bear if you uncover any wrongdoing.”
