Joe Biden Cracks Down On Big Oil’s Potentially Illegal Gas Price Gouging

2 months ago 16
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President Biden announced that his medication would beryllium looking into perchance amerciable enactment keeping state prices high.

Biden Takes Aim At High Gas Prices

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Biden announces crackdown connected Big Oil for imaginable amerciable enactment keeping state prices high. The FTC volition analyse and "address immoderate amerciable behaviour that mightiness beryllium contributing to terms increases astatine the pump." https://t.co/olXXpweN8K

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Recently, we person seen the terms each companies pay for a tube of lipid began to fall. The terms of gasoline astatine the pump for much American people hasn’t. That is not what you would expect successful a competitive market. I privation to marque definite nothing stands successful the mode of each price decline starring to little prices for consumers. 

Today my manager of the National Economic Council has asked the seat of the Federal Trade Commission to usage each available instrumentality to show the US gasoline marketplace to code any amerciable behaviour that might be contributing to price increases astatine the pump portion the cost of tube lipid is going down. It was besides made wide to OPEC that the accumulation cuts should be reversed arsenic a planetary oregon as the planetary system recovers to lower prices for consumers. 

Big Oil Tried This Same Stunt Under Obama

Biden was close to question the imaginable for amerciable enactment successful the lipid market. In 2011, erstwhile state prices were retired of sync with marketplace behavior, Obama announced an investigation, and similar magic, state prices fell.

Big Oil volition effort to terms gouge wherever and erstwhile they can, and unless determination is simply a president successful office, similar Biden currently, who isn’t consenting to look the different way, they volition often get distant with it.

President Biden is moving for the American people, not the corporations, truthful Big Oil conscionable got enactment connected notice, and we’ll spot if caller past repeats itself and state prices fall.

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