October 15, 2021

After Killing Pipeline, Biden Attacks Oil Companies for High Prices

  • Executive

By: Konrad Holden

In Brief: 
The White House has been putting pressure on oil companies for high fuel prices according to a report by Reuters. This comes as the Biden administration implements policies making it more difficult for oil companies to produce resources at lower costs. The Biden administration has hinted that “anti-competitive practices” are fueling the rising prices.

The Background: 
The presidency has taken on many names over the years: commander-in-chief, legislator-in-chief, diplomat-in-chief.

Now, it seems that the current President is acting as a quasi-board of directors for American oil companies.

Biden’s policies have been driving fuel prices up, but he is demanding that oil companies find ways to keep them low. This is an obvious but vain ploy to reduce the blowback of inflation on the 2022 midterms.

A White House official told Reuters, “[We are] closely monitoring the cost of oil and the cost of gas Americans are paying at the pump.”

The Reuters report also mentioned an oil executive who says the White House requests unlikely to be heeded since Biden has stopped any drilling on federal lands.

Notable Quotes: 

“By pursuing policies that restrict supply and make it harder to produce oil and natural gas here in America, Americans will have to pay more for their energy.” - Anne Bradbury, CEO at the American Exploration and Production Council

“If the private sector doesn’t step up, we’re going to call them out and ask them to act.” - President Joe Biden

What do you think?
You Might Like