With nationwide gas prices reaching historic highs, inflation marking a thirty-year high, and a supply chain that seems permanently broken, President Biden is presumably seeking to escape responsibility for his failed energy agenda by placing blame on oil companies.
“I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,” President Biden said. “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.”
“The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump,” Biden referenced the record-setting gas prices around the country. “I believe you should do so immediately.”
Pres. Biden, saying there is “mounting evidence of anti-consumer behavior by oil and gas companies,” in letter to the FTC: “The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.” pic.twitter.com/0SCa26hiqG
— Phil Mattingly (@Phil_Mattingly) November 17, 2021
President Biden’s request for the agency to investigate oil companies comes as the Biden-Harris administration has conducted a regulatory war on American energy.
Just after taking office, Biden revoked the Keystone XL Pipeline. The pipeline would have transported 35 million gallons of crude oil per day from Nebraska to the Gulf Coast.
Biden has also allowed Russia to access European energy markets by building a pipeline from Russia to Germany. The project is a direct hit to American producers who sell oil to European nations.
President Biden is also weighing whether to cancel a 78-year-old Line 5 oil Michigan pipeline. The pipeline may be terminated because 12 federally recognized tribes asked the administration to do so.