‘Do not. Let me repeat: do not!’ Biden warns oil execs not to use Hurricane Ian to ‘gouge’ Americans

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President Joe Biden warned oil executives on Wednesday not to use Hurricane Ian as an excuse to raise oil prices, illustrating how important the issue is ahead of the midterm elections.

The president issued the dire warning, even repeating himself, during opening remarks at the White House Conference on Hunger, Nutrition and Health.

“I want to add one more warning. That’s warning to the oil and gas industry executives. Do not, let me repeat, do not! Do not use this as an excuse to raise gasoline prices or gouge the American people,” Biden said during a briefing on Hurricane Ian preparations. “The price of oil has stayed relatively low. It kept going down. The price of gas should be going down as well.”

As Hurricane Ian begins to batter Florida, Biden said only 190,000 barrels a day have been impacted, less than 2% of U.S. daily production.

“This small, temporary storm impact on oil production provides no excuse, no excuse for price increases at the pump. None,” he said. “If the gas companies try to use this storm to raise prices at the pump, I will ask officials to look into whether price gouging is going on.”

Biden accused oil companies of delaying reductions in prices at the pump, putting the onus of gas inflation on their shoulders.

“America is watching, the industry should do the right thing,” he said. “As a matter of fact, it should move more quickly now to bring down the price at the pump because gasoline is down, the price of gasoline is down a great deal. There’s too much of a delay between the price and barrel of gas and oil and the price of gasoline at the pump.”

Gas prices have been a bone of contention with the Biden administration who can’t seem to get a handle on the situation while falsely boasting of reductions at the pump.

Biden was roasted in September for celebrating “95 days of dropping gas prices” on social media, as they sat $1.68 above pre-Biden levels.

This is not the first time Biden has laid the blame for America’s gas burden on oil companies.

The president raised the favored scapegoat of the progressives when he railed against greedy corporations with “historically high profit margins” in a letter issued in June to the heads of seven oil companies. Biden coupled these claims with his usual blame against Russian President Vladimir Putin as justification for impending “emergency authorities” if his demands weren’t met.

“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” Biden wrote. “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain. Your companies and others have an opportunity to take immediate actions to increase the supply of gasoline, diesel and other refined product you are producing.”



Source
Las Vegas News Magazine

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