With gas prices soaring, Biden calls for probe into possible 'illegal conduct'
By: MSN
Let us pass the proverbial buck...........................
S E E D E D C O N T E N T
President Joe Biden on Wednesday called on the Federal Trade Commission to investigate if "illegal conduct" is to blame for surging gas prices hurting Americans' pocketbooks.
Fuel prices are averaging above $3.40 a gallon, according to the American Automotive Association, which forecasts more than 48 million Americans are likely to hit the road next week to drive to Thanksgiving celebrations.
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"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," Biden wrote in a letter to FTC Chair Lina Khan.
High gas prices can pose a big political problem for the president as a new ABC News/Washington Post poll shows 70% of those surveyed rate the economy negatively, including 38 percent who say it is in "poor" condition. About half of Americans overall and political independents blame Biden for fast-rising inflation.
The administration had previously asked the commission to monitor the gasoline market for any illegal conduct earlier this year, leading to the FTC increasing their oversight on mergers of oil companies that result in fewer options for consumers.
Biden argues the math doesn't add up when it comes to pricing, noting that while the price of unfinished gasoline (for example, before ethanol and other liquids are added) has been down more than 5% in the last month, prices at the pump are up 3%. Usually, the prices for unfinished gas correlates with what is used to fill up car tanks, he said.
© Jonathan Ernst/Reuters
"The 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," Biden wrote.
"I do not accept hard working Americans are paying more for gas because of anti-competitive or otherwise potentially illegal conduct. I therefore ask the commission to further examine what is happening with oil and gas markets, and that you bring all the commission's tools to bear if you uncover any wrongdoing," he added.
Biden's call for a probe is not likely to lead to any immediate relief at the pump.
The move prompted swift pushback from the American Petroleum Institute, an industry group, which argued bad administration policy decisions, coupled with a market shift, have caused spiking 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. Demand has returned as the economy comes back and is outpacing supply," said Frank Macchiarola, API's senior vice president of policy, economics and regulatory affairs.
"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," he added.
The administration has been pressed in recent weeks about how Biden planned to address the soaring costs of fuel Americans are feeling at the pump, with many particularly wondering if the he planned to tap into the Strategic Petroleum Reserve to alleviate some of the price spike.
The administration largely stayed mum on specifics, arguing instead there were a range of options they were considering to address the issue.
"The message to Americans is that we're not just closely and directly monitoring the situation, which of course we've been doing, but we're looking at every tool in our arsenal," Psaki told reporters Nov. 12. "The president is quite focused on this as is the economic team."
Biden's letter came as he headed on Wednesday to a General Motors plant in Detroit, Michigan, to push electric cars and to tout billions of dollars in the new infrastructure law for charging stations across the country.
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This says it all. Why can't he see that the puppeteers have once again led him down the wrong fucking path?
This is all on Biden. When he took office the US was oil independent. By lunch on Jan 20th, that was in the shitter.
I keep hearing this bullshit. If this was true, why did we continue importing oil prior to Biden taking office?
Is The U.S. Energy Independent?
Don’t Believe the U.S. Energy Independence Hype
There sure as hell wasn't a shortage of supply and the economy was booming at the time until the pandemic. Now we have that shortage so why is Biden begging OPEC instead of opening up what was? He's puss and the handlers and puppet masters can't have us doing more production. Hell they are pissed because of the off shore auction he opened up for drilling leases. AFTER the dog-n-pony show on global warming and cutting down on fossil fuel consumption. These fuckers have not goddamned clue what they are doing and they are showing it more glaringly every fucking day.
Since the pandemic happened well into Trump's administration, you are admitting that the supply shortage and economy took a drastic downturn, during Trump's administration. Maybe if Trump had taken the situation seriously, we wouldn't be in this position now.
You need to educate yourself on the different types of oil, and which kinds we import and which kinds we export.
Nice try. We had plenty of oil during the Trump administration boom time. And it never should have stopped.
And once again, stop putting words in my fucking posts. Got it? I am admitting nothing of the sort. the shortage did NOT happen even with the pandemic that NO one had a plan for. If you choose to wait around for your instructions to come from ANYONE in GovCo, you deserve what you get. And I am well aware of the different types of oil your condescending, bullshit fucking comment aside
Then why were we still importing it???
Because we were also exporting it for a higher price than we were paying to import it. Pay attention.
Doesn't answer my question.
Why were we still importing it???
To take up the slack for what we were exporting which could have been stopped at any time should we have found it necessary for our own good. If you can buy something for $20 to make up for something you have or produce and can sell for $30, who the hell wouldn't? Capitalism is great is it not?
LOL!
You have absolutely no concept on what is happening and are doing your best to make shit up to support your claim...
America is not, was not, and probably never will be, energy independent as long as we run on oil and gas.
Yep, that's your party line now that you have to beg OPEC to pump more crude, inflation is at 30 year highs and Joe's drool bucket needs changing every few hours
"Even though in 2020, total U.S. annual petroleum production was greater than total petroleum consumption and exports were greater than imports, the United States still imported some crude oil and petroleum products from other countries to help to supply domestic demand for petroleum and to supply international markets."
Thank you Trump.
Just because you are exporting more than you are importing, does not make you energy independent. You keep pushing that bull.
I didn't say we were energy independent. Someone else did. I never used the phrase.
Again, isn't it a bitch when someone uses your word game methods against you?
No you didn't. You said, "We had plenty of oil during the Trump administration boom time.".
So once again I will ask, if we had plenty of oil, why were we still importing it???
Help him Obi Wan Kenobi .... the dark side denial is just so strong in him ......
Did you not read the excerpt and link I posted? Or did you just not understand it? Let me show you once again so there is no more confusion. Then, you can take your fucking word games and go elsewhere. Here ya go. Read it slowly this time......................
"the United States still imported some crude oil and petroleum products from other countries to help to supply domestic demand for petroleum and to supply international markets."
Now that's four times I see that you have been shown this. If you STILL don't get it and continue to hump my leg, we're gonna have a problem. Capiche?
Just the usual reindeer games a certain group here likes to play .... nothing more.
Tough shit. Basically you are saying we have plenty, but still need more. Oxymoronic stance.
IMPASSE
Many far left progressives excel at talking down to others and major at the university in condescending arrogance.
Because it was more profitable to us to buy from some places cheap and sell less but expensive to others. Still net independent.
not to mention his depends…
Agree!
The South China Morning Post reports that President Biden asked President Xi, during their virtual meeting overnight, to release China’s oil reserves as part of an economic cooperation pact .
Joe must really have his bib on tight these days.
First the Saudis, then the Russians, and now the Chinese? His knee pads must be down to the threads by now. Wonder who he is going to grovel to next? I am sure the Chinese gave him the same response as the Saudis and Russians.
Joe seems to forget he set the tempo for the rest of the world. Once he took actions that brought down US oil production; the rest of the world followed suit. Why should they care about US citizens having to pay too much? They are all on board the oil price hike train now. The US will need to increase production for the rest of the world to follow.
Biden will turn to our biggest enemy on the face of the earth to get oil rather than get it from red state Americans. He’s our quisling.
What a moron.
Exactly!
Oil is a Commodity the price of oil is set by Speculators in the Stock Market, they respond to market conditions and prices go up or down accordingly. Biden's policies have reduced Domestic production and potential production which gave OPEC more power over supply and they (OPEC) reduced output to reduce supply (to drive up prices). The Speculators responded to the tightening supply by bidding up the price of oil higher and higher. It's not like this hasn't happened before and a Man with Biden's experience should have known the result of the policies he was putting into place (I sure as hell did). The Refineries prices have gone up faster because they've added a buffer because prices for crude oil have been rising steadily since Biden was elected (as Speculators anticipated his policies) so they assume their costs for crude will be higher next week than they are today hence the buffer.
Uncle Joe is OPEC's best friend .... oh and Putins best friend as well.
He's handed over the keys of our energy pricing control box to both of them.
What a moron.
That sums it all up perfectly!
I remember not too long ago where they were begging us to cut production and speculators were gambling on oil going to negative dollars a barrel....
After Trump basically told the world to stick their oil price manipulations up their own dark hole, completely wiping out their profit schemes and made us oil independent and controlling the markets, this president expects them to help us now? especially when we have the ability and capacity to fend for ourselves easily?
That is the sign of a financial fool... Trump with his oil policies put the nation in the catbird seat, THE nation in control if the oil markets, The ONLY nation in control... The biggest international hammer we have and Biden not only stopped using it, he's desperately trying to break it...
This is the most powerful nation on the planet it's a shame we have a leader that doesn't act like it...