In a speech on Wednesday, President Joe Biden threatened to ask federal authorities to look into oil and gas firms for price gouging if they increased gas prices as a result of Hurricane Ian.
In statements he made at the White House Conference on Hunger, Nutrition, and Health, Biden stated that the hurricane is not a justification for businesses to hike petrol prices and that he will direct the government to find out “if price gouging is taking place.” According to Biden, the storm has so far only affected the output of 190,000 barrels of oil per day, which is insufficient to justify increasing gas prices.
Biden stated that there is “no excuse for price increases at the pump. This small, temporary storm impact on oil output gives no justification,” he added. “None. I’ll push authorities to investigate price gouging if businesses attempt to exploit this storm to hike gas prices.”
The price of crude oil increased on Wednesday for the second straight day and may be on the rise. According to the Energy Information Administration statistics issued on Wednesday, U.S. crude stockpiles decreased by 200,000 barrels for the week ending September 23, while gasoline inventories decreased by 2.4 million barrels and distillate inventories fell by 2.9 million barrels.
According to a spokesperson for the American Petroleum Institute (API), “Gasoline prices are set by market forces, not particular companies, and assertions that the price at the pump is anything other than a result of supply and demand are untrue.”
In order to address the country’s limited fuel reserves, Biden’s Energy Secretary Jennifer Granholm threatened to employ “emergency measures” to compel oil corporations to store petroleum products in late August.
The Biden administration has been lauding its efforts to lower the average national price of gasoline, which peaked at over $5 in June despite the country’s low stockpiles. Gas prices started climbing again on September 21 after declining for almost 100 days in a row. Leading to the midterm elections, the government has been quickly selling oil from the emergency stockpile to lower gas prices.
According to AAA data, nationwide gas prices have increased by almost $0.59 since September 2021.
The API spokeswoman added, “In an unfolding weather event, our industry is committed on maintaining the energy market’s full supply and delivering fuels where they are most needed while safeguarding the safety of our personnel.
If the President and I use the word loosely would take due credit for part of the price increases it would be nice to hear him admit to part. Selling part of the National oil reserves When it looks like war could break out at any time is leaving the country more vulnerable.
I agree!
THE WORST PART IS IF BIDEN LETS OIL COMPANIES HAVE NEW LEASES FOR DRILLING ITLL BE 2 YEARS BEFORE WE CAN FEEL SAFE ON RUNNING OUT OF GAS DIESEL BUT REPLACING OUR RESERVES WILL TAKE A DECADE TO REFILL IT SO WE ATE SCREWEF FOR YEARS
I think that any idiot saw the price of gasoline started going up 1/2021 and kept going up, except the fall/winter times when it always goes down. The worst part is that he sold a LOT of our strategic reserve oil to our enemy, which will probably cause us to have problems until we can replace that oil. I know it was not in America’s bets interest but his bosses wanted our oil.
This administration has been doing everything in it’s power to destroy the oil and gas industry in order to make their friends in the climate control industry rich since it came into power and to listen to them place the blame everywhere else they can is disgusting .! Vote red in November
Hi
With Biden gutting our petroleum companies his first day in office, why would they give him a flying xxxx what he wants? If Biden gets his way, our fossil fuel companies have a limited life span. Not sure what the Left will do when our nation comes to a FULL STOP. Just look at California!!!!! In 8 years, citizens they will be lucky to have enough power to run a fridge, much less their work, home, or EV. Don’t get me wrong, I’m not against alternative power sources that produce clean energy. Dreams are what get things done. But the technology isn’t there to be able to run things yet. And it won’t be by 2035 either (without one of the aliens in the UFOs being reported these days handing us a diagram on how to tap /build a new type of energy source. I’m thinking they’re just visiting to see if there is intelligent life here or not. Notice, they haven’t tried to make first contact yet?)