gas-price-nyc
WASHINGTON DC (77WABC) – The American Petroleum Institute is slamming President Biden over his push to investigate oil and gas companies into whether they are engaging in “illegal conduct” to maintain high prices at the pump. Biden asked the Federal Trade Commission on Wednesday to “immediately” look into whether illegal activity by oil and gas companies is spiking gasoline prices.
In the letter to FTC Chair Lina Khan, the president suggested that there is “mounting evidence of anti-consumer behavior by oil-and-gas companies.”
“Gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining,” Biden also states. The letter goes on to write, “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 the authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.”
Frank Macchiarola, API’s senior vice president of policy, economy, and regulatory affairs released a statement regarding Biden’s letter writing in part, “This is a distraction from the fundamental shift that is taking place and the ill-advised government decisions that are exacerbating this challenging situation.” Macchiarola added, “Rather than launching investigations on markets that are closely 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.”
Even though oil and gasoline have soared to seven-year highs, US oil production remains below pre-pandemic levels.
Biden made the request days before millions of Americans are expected to hit the road for the Thanksgiving holiday. According to AAA, the nationwide average price for a gallon of regular gasoline stood at $3.41 which is up $1.29 from the same time a year ago.
Gas prices, along with all goods transported, began to go up when Biden issued his first executive order shutting down the Keystone XL Pipeline.
