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.
https://twitter.com/Breaking911/status/1574570504173719552“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.
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https://americanwirenews.com/biden-demands-oil-and-gas-companies-lower-prices-ahead-of-midterms-as-reserves-dwindle-do-it-now/