Source:  Hank Berrien

On Wednesday, President Biden, in yet another effort to place the blame for inflated prices anywhere but on his own shoulders, called for the Federal Trade Commission to investigate major oil and gas companies over rising gas prices, sending a letter to the head of the Federal Trade Commission to call her attention to “mounting evidence of anti-consumer behavior by oil and gas companies.”

That triggered the American Petroleum Institute to fire back ands place the blame back on Biden, writing,”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.”

As if once were not enough, he reiterated, “[Prices] at the pump have continued to rise, even as refined fuel costs go down and industry profits go up.”

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