Good day all. The ever increasing price of gasoline, heating oil and natural gas is finally beginning to come to the attention of the Bumbles Dementia maladministration. The answer from the maladministration is right out of the progressive playbook. Investigate the oil companies for price fixing.
Every time that costs go up, the “Usual suspects,” look to pin the blame on whoever they don’t like at that moment. As usual, it’s the oil companies, and per the progressive playbook, the maladministration is “Launching an investigation.” Here are the details from CNBC:
President Joe Biden is asking the Federal Trade Commission to look into behavior from energy companies as prices at the pump hover around a seven-year high.
In a letter to Chair Lina Khan Wednesday, Biden said there’s “mounting evidence of anti-consumer behavior by oil and gas companies.” The letter noted that prices at the pump have remained high despite a decline in the price of unfinished gasoline. “This unexplained large gap between the price of unfinished gasoline and the average price at the pump is well above the pre-pandemic average,” the letter said.
Where do I begin? How about at the beginning? As we all know, Dementia Joe Biden is, at the best of times, stupid. With his increasing mental decline, he is not seen as actually in charge of anything other than the nightly selection of ice cream. No, this is the back office communists who have no idea how the markets work. One of the major issues is getting the product from the refineries to the gas stations. However, we can’t let a good progressive conspiracy theory go to waste.
The letter added that the “two largest oil and gas companies in the United States” — which are Exxon and Chevron based on market capitalization — are on track to almost double their net income compared with 2019 levels, while the two companies have also announced stock buybacks and dividend hikes.
There is a reason that their income is going up. People are driving more, and that means they are buying more gasoline. It’s called supply and demand.
Biden’s latest request comes as the administration tries to quell the surge in gas prices and its contribution to inflation across the economy. In August the administration called on OPEC and its oil-producing allies to boost output and also asked the FTC to investigate price-gouging at the pump.
That request to OPEC, as expected, blew up spectacularly in Dementia Joe’s face. As to the “Price Gouging at the pumps,” every single time they “Investigate, they find out that the oil companies make about $0.05/gallon in profit. One of the major causes of price increases are the taxes imposed at the pump, both at the federal and state levels. Kalifornistan is the worst in the nation when it comes to regulations and taxes.
The administration has repeatedly said that it’s examining the tools at its disposal to alleviate some of the burden on consumers, which could include tapping the Strategic Petroleum Reserve.
I have an idea. How about going back to the policies that were in place January 19th, 2021? Of course, that was President Trump’s last full day in office, working to Make America Great Again. 24 hours later, the worst president in American History came in and proceeded to live up to Barack Obama’s comment that we, “Don’t underestimate Joe’s ability to fuck things up.”
OPEC+ made the unprecedented decision in April 2020 to remove nearly 10 million barrels per day from the market in an effort to support prices, while U.S. producers also scaled back production.
That was when the Great Panicdemic of 2020 was going into high gear and the state governments were murdering the economy. People simply weren’t traveling anywhere. I know that I filled my tank 7 times in 2020. They had no choice but to cut production since they had no place to store the oil.
These supply cuts, coupled with a demand recovery, have pushed oil prices to levels last seen well before the pandemic took hold.
It takes time to ramp production back up, and that assumes that the producers want to. In the case of OPEC, they like having the United States and the rest of the world over the proverbial barrel again. For domestic producers, they can’t see any reason to ramp up production again if they’re going to be shut down by the morons in the Maladministration.
The American Petroleum Institute called Wednesday’s letter to the FTC a “distraction from the fundamental market shift” that’s ongoing as economics emerge from the pandemic. The industry group said in a statement that “ill-advised government decisions” 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,” said Frank Macchiarola, API’s senior vice president of policy, economics and regulatory affairs.
That assumes that we have a government that actually wants America to succeed. We currently do not. The Communazi Party is dedicated in destroying everything that made America great. They are working hard to reverse all the gains in manufacturing, energy production and job creation that happened under President Trump, all the while making sure that their power and wealth increases.
In less than a year we have seen a turnaround unlike anything I can recall seeing or reading. Inflation is skyrocketing, there are shortages starting to make themselves felt and the winter heating bills are going to force people to choose between eating or freezing to death. While all this is going on, the Communazis are still trying to lock everyone back in their homes using the latest “OH my God! A New COVID! We Are ALL GOING TO DIE!” scare. All this investigation is for is a way to divert attention from the ongoing Epic Biden Failures. To bad for them it isn’t working this time. Let’s Go Brandon!
Thatisall
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