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Biden Urges FTC to Probe Gasoline Market With Prices Up 50%

Scorpio

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and of course it hasn't a thing to do with this dimwits policies...............​


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Biden Urges FTC to Probe Gasoline Market With Prices Up 50%​


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Biden Urges FTC to Probe Gasoline Market With Prices Up 50%​

Jennifer Epstein
Wed, November 17, 2021, 9:40 AM


(Bloomberg) -- President Joe Biden urged the Federal Trade Commission to probe possible illegal conduct in U.S. gasoline markets, though any inquiry by the agency is unlikely to have an immediate impact on pump prices paid by consumers.

In a letter to Wednesday to FTC Chair Lina Khan, the president expressed concern about the difference between pump prices and the cost of wholesale fuel, while citing what he said was “mounting evidence of anti-consumer behavior by oil and gas companies.”

“I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,” Biden said in his letter to Khan, calling for an investigation.
The FTC is an independent agency that is not directed by the White House, though Biden selected Khan as its chair and the agency can choose to follow the president’s suggestions.
Biden wrote to Khan as Americans are feeling the effects of higher prices across much of the economy, an issue that’s also hurting him politically as his poll numbers continue to sag. The October consumer price index was up 6.2% from a year earlier, with energy costs a major driver. Gas prices were up 49.6% from October 2020.
But his letter is mostly symbolic. It’s not uncommon for state and federal regulators to open investigations of gasoline prices when they soar. Few of those probes translate into real action.
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.”

 

the_shootist

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Unbelievable man!

But his letter is mostly symbolic. It’s not uncommon for state and federal regulators to open investigations of gasoline prices when they soar. Few of those probes translate into real action.
 

Goldhedge

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Too dumb to even consider...
 

Buck

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throws dust in the air:

 

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If you can rig the silver or gold market, why not the gas one, If our masters can control money, why not fuel oils?
 

Buck

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The US was energy independent, until the Democrats Communists took over.
fify



"The United States became a net total energy exporter in 2019 for the first time since 1952 and maintained that position in 2020 even though both total energy production and consumption were lower in 2020 than in 2019."

...so, anyone born between 1953 and 2019, witnessed the ONLY time in their lives, America was 'energy independent', for two whole years

the media missed that First...
 

Casey Jones

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fify



"The United States became a net total energy exporter in 2019 for the first time since 1952 and maintained that position in 2020 even though both total energy production and consumption were lower in 2020 than in 2019."

...so, anyone born between 1953 and 2019, witnessed the ONLY time in their lives, America was 'energy independent', for two whole years

the media missed that First...
The media is just a propaganda front for neo-Marxism and Globalism.
 

Buck

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i kept reading small blurbs, here and all over the internet: Energy Independence

i wanted to know how long we've been independent, two years and that's over now, 1999 - 2000
i wanted to know when our dependence began: primarily, according to .gov, in 1953
 

Goldbrix

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and of course it hasn't a thing to do with this dimwits policies...............​


----------------------------

Biden Urges FTC to Probe Gasoline Market With Prices Up 50%​


40849f16c361c778fb6ea91556dbd47c

10fb4fbd449e5088bc4e0316bde39ee4

1 / 2

Biden Urges FTC to Probe Gasoline Market With Prices Up 50%​

Jennifer Epstein
Wed, November 17, 2021, 9:40 AM


(Bloomberg) -- President Joe Biden urged the Federal Trade Commission to probe possible illegal conduct in U.S. gasoline markets, though any inquiry by the agency is unlikely to have an immediate impact on pump prices paid by consumers.

In a letter to Wednesday to FTC Chair Lina Khan, the president expressed concern about the difference between pump prices and the cost of wholesale fuel, while citing what he said was “mounting evidence of anti-consumer behavior by oil and gas companies.”

“I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,” Biden said in his letter to Khan, calling for an investigation.
The FTC is an independent agency that is not directed by the White House, though Biden selected Khan as its chair and the agency can choose to follow the president’s suggestions.
Biden wrote to Khan as Americans are feeling the effects of higher prices across much of the economy, an issue that’s also hurting him politically as his poll numbers continue to sag. The October consumer price index was up 6.2% from a year earlier, with energy costs a major driver. Gas prices were up 49.6% from October 2020.
But his letter is mostly symbolic. It’s not uncommon for state and federal regulators to open investigations of gasoline prices when they soar. Few of those probes translate into real action.
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.”

1st place to investigate is "Lets Go Branden" 's E.O.s ( SPOS)
 

Rollie Free

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The investigators should come back one day later, look Biden in the eye and say "it's your fault moron and you didn't ask but we also determined you have pedo tendencies, any other items you want investigated"?
 

edsl48

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In a Hypocritical Letter to the FTC, Biden Accuses Oil Companies of Illegal Price Gouging​

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Biden moans to the FTC about mounting evidence of anti-consumer behavior by oil-and-gas companies.

When All Else Fails, Moan About Oil Companies
White House Chief of Staff, Ronald Klain, posted this Tweet.

Rather than look in a mirror to see an obvious problem, Biden Asks FTC to Examine Oil, Gas Companies’ Role in High Gasoline Prices.
Biden moans "Prices at the pump have continued to rise, even as refined fuel costs go down and industry profits go up."
He then asks the FTC to "immediately" investigate whether "illegal conduct is costing families at the pump.
Biden cites notes than "in the last month the price of unfinished gasoline is down 5% while gas at the pump is up 3%."
Biden's Conclusion
"I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal contact."
"I therefore ask that the commission further examine what is happening with the oil and gas markets, and you bring all of the Commission's tools to bear if you uncover any wrongdoing," said Biden in the ending paragraph of his letter.
Letter Translation
Hello FTC, my polls are sagging and inflation is soaring. What can you do to help?
The WSJ noted these tidbits.
Mr. Biden has faced criticism from environmental activists for pushing OPEC to pump more oil. The activists say that the efforts conflict with his longer-term commitment to reduce U.S. greenhouse-gas emissions and wean the country off fossil fuels.
Mr. Biden’s letter comes after National Economic Council Director Brian Deese urged Ms. Khan in August to look into “divergences between oil prices and the cost of gasoline at the pump.”
In response, Ms. Khan said the commission would examine potential unlawful business practices in the oil and gas markets. She said she would take steps to deter unlawful mergers in the industry, “identify additional legal theories” to challenge retail fuel station mergers that allow large companies to buy family-run businesses, and investigate alleged abuses in the franchise market.
Just what we don't need from this administration: "additional legal theories".
Mirror, Mirror, on the Wall



Is Biden really this economically illiterate or is his letter a futile political statement?
The answer, of course, is that it's both.
For starters, prices do not act immediately. Second, Biden allows no possibility of increased refining costs.
Did the labor costs, transportation costs, insurance costs, and the cost of chemicals used in refining go up more than the unrefined input costs went down?
Letter Deeply Hypocritical As Well
In addition to proving his economic illiteracy, Biden's letter is deeply hypocritical.
He ought to be happy with rising prices. The faster and greater gas prices rise and stay high, the quicker consumers will be willing to purchase electric vehicles.
But no. Biden has a clear goal of shutting down the oil and gas industry then moans about the result.
The Irony of the Day
The irony of the day on November 8, was Energy Secretary Asks OPEC to Pump More Oil
The industry's response, and a very logical one, oil was to halt exploration and capital development including drilling new wells.
Need for a Scapegoat
Three rounds of free money stimulus (one under Trump, two under Biden), increased demands for nearly everything from chemicals to transportation costs.
Rather than blame his own inept policies, (and that of the Fed), Biden turns to the worn out tactic of blaming the industry for price gouging.
He desperately needs a scapegoat and his letter screams of the reason to those who can properly read between the lines.
Today, Senator Joe Manchin raised fresh concerns over inflation, citing both Build Back Better and the Fed.
Biden needs to deflect attention somewhere, thus the letter to the FTC.
 
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ZZZZZ

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Biden is the one who needs a probe. The anal kind.
.
.
 

Goldbrix

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In a Hypocritical Letter to the FTC, Biden Accuses Oil Companies of Illegal Price Gouging​

View attachment 233092

Biden moans to the FTC about mounting evidence of anti-consumer behavior by oil-and-gas companies.

When All Else Fails, Moan About Oil Companies
White House Chief of Staff, Ronald Klain, posted this Tweet.

Rather than look in a mirror to see an obvious problem, Biden Asks FTC to Examine Oil, Gas Companies’ Role in High Gasoline Prices.
Biden moans "Prices at the pump have continued to rise, even as refined fuel costs go down and industry profits go up."
He then asks the FTC to "immediately" investigate whether "illegal conduct is costing families at the pump.
Biden cites notes than "in the last month the price of unfinished gasoline is down 5% while gas at the pump is up 3%."
Biden's Conclusion
"I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal contact."
"I therefore ask that the commission further examine what is happening with the oil and gas markets, and you bring all of the Commission's tools to bear if you uncover any wrongdoing," said Biden in the ending paragraph of his letter.
Letter Translation
Hello FTC, my polls are sagging and inflation is soaring. What can you do to help?
The WSJ noted these tidbits.

Just what we don't need from this administration: "additional legal theories".
Mirror, Mirror, on the Wall



Is Biden really this economically illiterate or is his letter a futile political statement?
The answer, of course, is that it's both.
For starters, prices do not act immediately. Second, Biden allows no possibility of increased refining costs.
Did the labor costs, transportation costs, insurance costs, and the cost of chemicals used in refining go up more than the unrefined input costs went down?
Letter Deeply Hypocritical As Well
In addition to proving his economic illiteracy, Biden's letter is deeply hypocritical.
He ought to be happy with rising prices. The faster and greater gas prices rise and stay high, the quicker consumers will be willing to purchase electric vehicles.
But no. Biden has a clear goal of shutting down the oil and gas industry then moans about the result.
The Irony of the Day
The irony of the day on November 8, was Energy Secretary Asks OPEC to Pump More Oil
The industry's response, and a very logical one, oil was to halt exploration and capital development including drilling new wells.
Need for a Scapegoat
Three rounds of free money stimulus (one under Trump, two under Biden), increased demands for nearly everything from chemicals to transportation costs.
Rather than blame his own inept policies, (and that of the Fed), Biden turns to the worn out tactic of blaming the industry for price gouging.
He desperately needs a scapegoat and his letter screams of the reason to those who can properly read between the lines.
Today, Senator Joe Manchin raised fresh concerns over inflation, citing both Build Back Better and the Fed.
Biden needs to deflect attention somewhere, thus the letter to the FTC.
Considering all the creative Ballots and Ballot Counting exposed I think his polling is far more accurate today than back last November.
:jail::hang::jail::hang::jail::hang:
 

the_shootist

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dozer99

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Just got back from a trip to Reno NV. Had to drive for a few hundred miles through Northern California. Highest prices for gas were just out side of Susanville at $5.69 for 87. Two and half dollars more that what Dave saw. Crazy times man.
 

Lancers32

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Just got back from a trip to Reno NV. Had to drive for a few hundred miles through Northern California. Highest prices for gas were just out side of Susanville at $5.69 for 87. Two and half dollars more that what Dave saw. Crazy times man.

$5.69? Gruesome and the Drunk gotta be getting a cut out of that. Been paying $3.30 for 87 here in NC.
 

Casey Jones

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$5.69? Gruesome and the Drunk gotta be getting a cut out of that. Been paying $3.30 for 87 here in NC.
$3.45 here.

Up from $2.35 twelve months ago, so I can't say we're getting a bargain.

But they'll find a way to create more shortages...
 

AurumAg

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$3.45 here.

Up from $2.35 twelve months ago, so I can't say we're getting a bargain.

But they'll find a way to create more shortages.