In typical deflect mode, on April 6th, House Democrats in the House Energy Commerce Committee plan to hold a hearing entitled “Gouged at the Gas Station: Big Oil and America’s Pain at the Pump”. Their goal is to hold oil and gas companies responsible for soaring gas prices and make a point of blaming them for “not doing enough to relieve pain at the pump, instead lining their pockets with one hand while sitting on the other.” How typical.
This is all in an effort to deflect responsibility from President Joe Biden’s devastating administrative policies that have wrecked fuel prices at the pump. Further, Democrats want to blame someone, anyone for skyrocketing gas prices. Yes, oil companies should be respectful of struggles facing US consumers – but the fuel shortage, a supply problem is not their fault.
Those included in the blame game are the CEOs of Chevron, Devon, Exxon Mobil, Pioneer Natural Resources, and the presidents of Shell USA and BP America. They will be subjected to Committee Chairman Frank Pallone (D-NJ) and Diana DeGette (D-CO), the chair of the oversight and investigations subcommittee who have stated, “It’s time we get to the bottom of why oil companies are content to watch Americans suffer so that their shareholders and executives can reap enormous profits.”
A more reasonable perspective comes from a statement by The American Petroleum Institute, which represents many oil and natural gas companies. They have declared that “There are many factors behind rising energy costs, from geopolitical volatility and supply chain constraints to policy uncertainty and mixed signals from Washington.” Wow – a reasonable statement based in reality, economic logic and not on fabricated musings. Biden’s cronies need to know that Americans are not fooled by their tactics. Consumers know Biden’s policies have significantly limited fuel access – affecting prices significantly.
To add to the economic entanglement, Democrats have now proposed a windfall profits tax for oil companies, some want to suspend the federal gas tax for the rest of 2022.
Biden’s policies for the rising energy prices that have rolled out under his administration equate to a stifling of domestic energy production though he has called on oil and natural gas companies to increase production.
Bloomberg reported that financing oil and gas production costs on average ten percent more than it did before Biden’s presidency. It would seem that democrats want these companies to increase production, though it costs 10% more, but they don't want the business to pass the increased costs onto consumers.
This is a ridiculous request of any business. America in a free enterprise system that thrives on supply and demand, companies should not have to eat the losses to cover up for Joe Biden’s disastrous administrative choices.
Let’s blame our fuel crisis at the pump on the administration that cares more about special interests and the “green new deal” than supporting the US population.