API Responds To Biden’s Calls For Investigation Into Oil And Gas Industry

Joe Biden

On Wednesday, the American Petroleum Institute (API), which represents America’s natural gas and oil industry, responded to President Biden’s call for the Federal Trade Commission to investigate oil and gas companies over rising gas prices.

In his letter, Biden said, “[Gasoline] prices at the pump remain high, even though oil and gas companies’ costs are declining.” He continued, “The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.”

“This is a distraction from the fundamental market shift that is taking place and the ill-advised government decisions that are exacerbating this challenging situation,” the API said in a statement. “Demand has returned as the economy comes back and is outpacing supply.”

“Further impacting the imbalance is the continued decision from the administration to restrict access to America’s energy supply and cancel important infrastructure projects,” the statement continued. “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.”

The price of gas has reached its highest point since 2014, and is currently about 50% higher than when Biden entered office. Biden’s attempt to pin the blame on the oil and gas industry comes shortly after his administration confirmed it is considering shutting down an oil pipeline in Michigan, which would further worsen the rising fuel prices.

“Revoking the permits for the [Line 5] pipeline that delivers oil from western Canada across Wisconsin, the Great Lakes and Michigan and into Ontario, would please environmentalists who have urged the White House to block fossil fuel infrastructure, but it would aggravate a rift with Canada and could exacerbate a spike in energy prices that Republicans are already using as a political weapon,” Politico Pro reported. “Killing a pipeline while U.S. gasoline prices are the highest in years could be political poison for Biden, who has seen his approval rating crash in recent months.”

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