President Biden desperately attempted to deflect blame for out of control gas prices on Wednesday – doing so by attacking oil and gas companies once more.
Biden called for the Federal Trade Commission (FTC) to investigate major oil and gas companies over rising gas prices, sending a letter to the head of the FTC to call her attention to “mounting evidence of anti-consumer behavior by oil and gas companies.”
Biden’s delusional suggestion of a probe into the companies – which he has spent the entirety of his presidency attacking – warranted a fierce response from the American Petroleum Institute who wanted to ensure that Americans knew the real reason for high prices.
”This is a distraction from the fundamental market shift that is taking place and the ill-advised government decisions that are exacerbating this challenging situation. … Rather than launching investigations on markets that are regulated and closely monitored on a daily basis or pleading with OPEC to increase supply, we should be encouraging the safe and responsible development of American-made oil and natural gas.”
In his letter, Biden stated, “[Gasoline] prices at the pump remain high, even though oil and gas companies’ costs are declining.” He continued, “The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.”
Biden asserted that the FTC has already “directed the Commission staff to strengthen oversight of mergers in the oil and gas sector that result in less consumer choice and potentially higher prices.”
He then reiterated, “[Prices] at the pump have continued to rise, even as refined fuel costs go down and industry profits go up.”
He claimed there was “a large gap between the price of unfinished gasoline and the average price at the pump,” adding, “meanwhile, the largest oil and gas companies in America are generating significant profits off higher energy prices.”
He continued, “I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct. 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.”
In reality, every policy decision Biden has made on Oil and Gas have contributed to the painfully high prices Americans are seeing at the pump.
Just after taking office, Biden revoked the Keystone XL Pipeline. The pipeline would have transported 35 million gallons of crude oil per day from Nebraska to the Gulf Coast.
Biden has also allowed Russia to access European energy markets by building a pipeline from Russia to Germany. The project is a direct hit to American producers who sell oil to European nations.
President Biden is also weighing whether to cancel a 78-year-old Line 5 oil Michigan pipeline. The pipeline may be terminated because 12 federally recognized tribes asked the administration to do so.
According to a Politico/Morning Consult poll on Wednesday, just 40 percent of registered voters approve of Biden’s energy policies. The poll also revealed the majority of voters believe President Biden is untrustworthy, dishonest, and incapable of leading the nation.
Author: Daniel Martin