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Biden demands oil and gas companies lower prices ahead of midterms, as reserves dwindle: ‘Do it now!

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Biden demands oil and gas companies lower prices ahead of midterms, as reserves dwindle: ‘Do it now!’
September 27, 2022 | Kevin Haggerty

It’s no mystery that the pain at the pump felt in all sectors of the economy has been a result of intentional policy-making by President Joe Biden to accelerate a forced transition from reliable energy to the Green agenda.

Never one to let facts get in the way of the narrative, during the third meeting of the White House Competition Council the president pushed the blame for lingering high fuel costs on “greedy” oil and gas companies yet again, seemingly adding “competition” to the list of words his administration has attempted to redefine.

“We haven’t seen the lower prices reflected at the pump though,” Biden remarked as he touted the “historic progress” of average prices dropping by more than a dollar after they had skyrocketed to a record high of $5 per gallon under his watch.

--- End quote ---

“Meanwhile, oil and gas companies are still making record profits, billions of dollars in profits,” he claimed without context as to the breakdown in the price at the pump before targeting the lowest rung on the ladder.

“My message is simple, to the companies running gas stations and setting those prices at the pump, bring down the prices you’re charging at the pump to reflect the cost you pay for the product,” he demanded. “Do it now! Do it now!”

Ownership of gas stations falls on a spectrum from independent operators to refinery-owned establishments and, as Fox Business pointed out, the price of crude oil has dipped from around $122 a barrel in June when the nationwide average price of gas remained at $5 to about $76 Monday when the average price of gas was just above $3.70.

Factoring in the actual profit the gas station earns per gallon sold, ranging from $0.03 to $0.07 according to The Hustle, compared to around$0.70 in taxes collected at the federal and state level, it would seem, under Biden’s direction, his aim is not to foster competition, but to move it out of the way of government.


It's working!  Only Up fifty cents this week here in NKY!


Dear President Dimentia,

Prices are high because your Global Climate Change policies are restricting/reducing supply.

In economics, scarcity creates values.

Evil energy corporations are making record profits because:

- Global Climate Change policies have increased prices
- They are reaping the rewards of decades of private risky capital investment
- They can't spend new money on exploration, development, transportation, and additional refining capacity because the Biden Administration won't let them do those things

Capital spend that normally would be re-invested in bring additional energy to the market has to be used for acquisitions, retiring debt, dividends, and stock buybacks.

Also, this is the time of year when suppliers let their existing inventories of Summer Gas run down as they switch over to Winter Gas, as mandated by EPA.  So, twice a year, gas prices spike during the seasonal gas switchovers because the Gubmint says the companies have to do it.

It's your own damn fault Granpa Joe.  Suck it.

An existential deplorable radical terrorist racist homophobe xenophobe threat to democracy.

He must really think he is a dictator.... no go joe...

Has Slow Joe cried any crocodile tears yet?

Just think for a minute about just HOW freaking stoopid the typical Dim union voter has to be to vote for the Dims even AFTER Biden is on tv demanding the oil companies that he FORCED to raise prices by shutting down some of their sources,lower their prices now because the Dims need the Dummy Vote.


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