Energy companies to Biden: Poor policy decisions are responsible for spike in energy costs

By Casey Harper | The Center Square

The energy industry is pushing back after President Joe Biden suggested that the skyrocketing cost of gasoline and other energy sources could be foul play by producers.

Biden sent a letter to Lina Kahn, chair of the Federal Trade Commission, asking her to investigate alleged “anti-consumer behavior” from oil and gas companies.

The White House

President Joe Biden

“I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,” Biden said.

The letter argues that profits have continued to rise for the companies along with the prices.

“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 letter reads.

Biden’s critics point to his increased energy regulation, shutting down the Keystone Pipeline and for months banning new drilling leases on federal lands. They also blame increased federal spending under the Biden administration, which has significantly increased inflation and, as a result, consumer prices for a range of goods and services.

The American Petroleum Institute said “ill-advised government decisions” are the main cause of the rising costs.

“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,” said API’s Senior Vice President for Policy, Economics and Regulatory Affairs, Frank Macchiarola. “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. 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 American Automobile Association’s gas prices tracker shows the national average of a gallon of regular gasoline is about $3.41, which is $1.20 more expensive than the same time last year.

The Bureau of Labor Statistics released data earlier this month showing a sharp increase in the cost of all kinds of energy in the past year, including natural gas and electricity.

“The energy index rose 4.8 percent in October after rising 1.3 percent in September,” BLS said. “The gasoline index rose 6.1 percent in October, its fifth consecutive monthly increase. The index for natural gas rose 6.6 percent over the month, its largest monthly increase since March 2014. The electricity index increased 1.8 percent in October, its largest 1-month increase since May 2014, while the fuel oil index also rose sharply, increasing 12.3 percent.”

The entire energy index has increased 30% in the previous 12 months ending in October, the biggest increase of its kind in over a decade.

“All the major energy component indexes increased sharply over the last 12 months,” BLS said. “The gasoline index rose 49.6 percent over the last year, and is now at its highest level since September 2014. The fuel oil index increased sharply over the year, rising 59.1 percent. The index for natural gas rose 28.1 percent over the last 12 months, and the electricity index rose 6.5 percent.”

Republicans have pointed to these increases, laying them at the feet of the Biden administration. The costs became an issue in Virginia’s elections earlier this month, when Republicans were able to secure major victories including reclaiming the governor’s office and the state House.

“Joe Biden canceled the Keystone pipeline,” U.S. Sen. Tom Cotton, R-Ark., said. “He banned drilling on federal land. He put anti-energy extremists in his cabinet. Now he blames energy companies for the high price of gas? He’s delusional.”

Images courtesy of Public domain and The White House
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7 thoughts on “Energy companies to Biden: Poor policy decisions are responsible for spike in energy costs

  1. Bernies $3.5 TRILLION is an initial down payment for many decades of CLIMATE FIGHTING (tilting at wind mills)?
    Oh, no, no, no!

    The real purpose is to increase existing government programs, and to create new government programs to REMAKE the US into a CENTRALLY MANAGED, COMMAND/CONTROL entity, as Bernie has been striving for all his life.

    Dem/Progs will be running these existing and new programs, which will provide career opportunities for many “Dem/Progs-in-Government”.

    Dem/Progs will be spreading themselves throughout all departments of government, federal, state and local, including in the election centers that count the votes to achieve whatever outcome they like.
    The Republican Party will be toast.
    That is the true swamp.
    Dislodging them, en masse, in nearly impossible, because they made laws to prohibit it.

    The government programs will be used to bribe the largely naive inhabitants of Dem/Prog-controlled cities to vote Dem/Prog forever.
    “Global warming fighting” has nothing to do with reducing the world temperature, because mankind’s very puny efforts would completely pale compared to the daily energy input from the sun.

    Vermont, in fact, all of New England, could completely disappear, and it would not make one iota of difference regarding the world climate or climate change.

    This is all about centralized command/control of all phases of our lives, while the “politically unfavored” are mandated to toil to meet the increasingly nutty GWSA-like mandates of Dem/Progs.

    About half the world population is exempt from those world-saving toils, by Paris agreements.
    Totally ineffective John Kerry flies his private jets worldwide, spewing CO2, while playing the role of climate TSAR.
    China folks laugh at him, and ignore him.

    Bernie refuses to fly, except first class, or on borrowed private planes to collect his lucrative speaking fees (aka bribes) to fatten his tax-free “Foundation”, as do the Clintons, who detest other folks, and call them trailer trash and despicables.

    Life is already great for ELITE Dem/Progs (with Obama in a $15 million compound), and is about to get even better

  2. “I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,”
    No you lying piece of excrement but you do accept your handlers policies of NO petrol to appease the greenie weenies which directly effects all hard working
    Americans.. for being the political smuck who wasn’t going to blame others you sure
    do blame others for everything that’s You and Your handlers fault.. It’s YOU bozo biden who IS THE PROBLEM…. If the worthless swamp creature ever told the
    truth he’d burst into flames…

    • Another little ditty the liar and thief didn’t reveal is he’s been selling off our
      Strategic Reserve to Asia: (not that he knows what’s going on anyway)

      According to Bloomberg/Quint:

      About 1.6 million barrels of crude from the U.S. Strategic Petroleum Reserve — a monthly record — was shipped out in October, according to data from market intelligence firm Kpler.

      All three supertankers went to Asia.

      “Given the ongoing pace of the current SPR release — 12 million barrels in the last two months and the biggest weekly release so far last week at 3.1 million barrels — it’s fair to assume more SPR barrels are going to leave U.S. shores in the weeks ahead,” said Matt Smith, an oil analyst at Kpler.

      • DBean,

        That is done ON PURPOSE by Biden’s posse of evil doers, to increase the prices of oil-based products, which includes GASOLINE and EVERYTHING ELSE

        THEY DO NOT GIVE A DAMN ABOUT INFLATION

        It is all part of BUILD BACK BROKE WORSE and REMAKING AMERICA

        Most folks have not a clue about what is going on, because the US Media keeps hiding the truth, ON PURPOSE, as it did regarding the 2020 Election.

        It basically amounts to treason.

  3. In-the-basement Biden does not have a clue who the people are that get appointed to powerful positions, that make decisions regarding walk-in borders, shutting down pipelines, and fuel exploration.

    He is not even a part-time President.
    He is just a mouthpiece with a teleprompter

    In 4 years, these hidden, behind-the-scenes, anonymous people will do immeasurable damage to the US economy and US society, and IT IS ALL DONE ON PURPOSE, BECAUSE THEY WANT TO “REMAKE” THE US.

    They do not give a damn about the growing national debt, multi trillion ANNUAL federal deficits, and greater than $1 trillion ANNUAL TRADE DEFICITS

    He glad hands a lot and smiles a lot, which he has been doing for 50 years, grifting and grafting, as the years went by.

  4. Biden is a senile fool, his handlers are for surely fools, and his so-called ” wife ” Jill letting
    this old fool, be paraded around like a puppy on a leash……….pretty pathetic !!

    Biden and the Global Crusaders don’t care if working Americans are being pinched at
    the pumps, he shut down the pipeline, and the USA’s oil independence from foreign
    control just because Trump opened production up.

    Now we are seeing the effects of the PINO ” president In name only ” this is what happens
    when you have an illegitimate leader that’s a senile puppet !!

    If there are any blue-collar Democrats remaining, they better wake up, their party has
    been stolen by leftist fools and they’ll be next on the leftist hit list……… They don’t care!!

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