OPINION | This article contains commentary that reflects the author's opinion.
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Refusing to accept any responsibility, Joe Biden has a new excuse for skyrocketing gas prices that are hurting Americans.
Gas prices have hit a 31-year high, according to USA Today.
In a desperate attempt to convince Americans, Biden claims that oil and gas companies are engaging in “illegal conduct” and purposely overcharging Americans at the pump.
Biden did not present any evidence. Instead, he called on federal regulators to investigate his wild conspiracy.
He says gas companies are overcharging Americans at the pump by not passing on cost savings from lower wholesale gas prices to prices at the pump.
Amid increasing political pressure, Biden sent a letter to Federal Trade Commission chair Lina Khan.
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 are already reporting that Biden’s claims are “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 the U.S. would release 50 million barrels of oil from the Strategic Petroleum Reserve.
This solution of tapping the petroleum reserve would only be temporary.
The larger issue at hand is the fact that the Biden administration has stopped the XL Keystone pipeline, stop the flow of existing pipelines, and prevented 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 claims the largest oil and gas companies are generating “significant profits off 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.”