The full letter is below.
Posted on 11/17/2021 7:42:37 AM PST by SeekAndFind
U.S. President Joe Biden on Wednesday said there was mounting evidence of anti-consumer behavior by oil and gas companies and asked the Federal Trade Commission to dig deeper into possible anti-competitive or “illegal conduct” in the market.
Biden in August already asked the FTC to investigate possible illegal conduct causing the spike in gas prices, but said further action was needed since prices had continued to rise at the pump.
“I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,” Biden said in a letter to FTC Chair Lina Khan on Wednesday. “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.”
(Excerpt) Read more at reuters.com ...
Meanwhile, Biden goes on, “the largest oil and gas companies in America are generating significant profits off higher energy prices... they have announced plans to engage in billions of dollars of stock buybacks and dividends this year.”
Well... here is the answer: prices are set based on input costs and taxes, which have never been higher. Indeed, one should probably advise Biden that in addition to oil costs, taxes make up a substantial portion of the end cost of gasoline...
As for energy companies generating tremendous profits, where was the White House last year when all the energy companies were on the verge of failure when oil collapsed (and in the case of WTI printed negative) and gasoline was the cheapest it has been in years? Oh yes, it had everything to do with tumbling oil prices.
According to Bloomberg, a White House official said the agency could decide to begin an investigation to collect data on how gas companies set prices, as well as data on actual pricing. Biden asked the commission to “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.”
mounting evidence of anti-consumer behavior by oil and gas companies
Standard issue 1970s Democrat Marxist Party propaganda ploy. It never the Democrat Marxist polices at fault, it is always “saboteur and wreckers” that cause their failures
Well that should solve the issue there brandon.
Start by looking for evidence Biden or Hunter was paid to stop the pipelines.
We're all getting killed at the pump and the grocery store...and it's all on you and the da in Ca who put hundreds of truckers out of business.
Communists do it every time. and it is always a disaster. So of course it's what Biden would do.
Total smoke screen.
OPEN the pipelines & see the prices drop.
What a flat out jerk.
Biden suspends oil and gas leasing in slew of executive actions on climate change
https://www.cnbc.com/2021/01/27/biden-suspends-oil-and-gas-drilling-in-series-of.html
Maybe they should investiage Bare Shelves Biden for his anti-Consumer actions.
Note to Brandon: Don’t piss on our leg and tell us someone else is pissing on our leg.
And the Oil companies should unite and STOP ALL SALES to DC and any city within 100 miles of DC until this Investigation is resolved so as to not create a Conflict of Interest
Shut up, Joek.
Brandon is doing everything in his power to drive the price of gasoline to $5.00 per gallon.
As a start.
The Fraudulent Imposter illegally in the White House wants the unconstitutional and, thus, illegal FTC to probe possible ‘illegal conduct’ by oil, gas companies.
You can’t make this stuff up.
When I see a 10% difference in gas prices between two stations that are within sight of each other, I don’t have to give it much thought. We are being played.
Biden’s stupid policies are at the root of it but there are many others up and down the chain who are manipulating prices for their own gain. Get the government out of the picture first and the rest will take care of itself once a free open market exists.
Yes it is, IMO we are seeing a John Galt movement going when the producers move to areas where they are free to engage in their own pursuits...
I have a feeling that Red States are getting more Red and Blue States are getting more Blue...as people migrate toward freedom....
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