Biden Warns Oil & Gas Corps

[WHITT]

Anyone else notice, in the midst of a war, volatile financial markets, and a junior-high press, Biden made a point of looking right into the camera and telling the oil & gas companies NOT to take advantage of the situation and raise prices and price-gouge the American consumer.

I would LOVE to see them make an example of somebody.

[Firestorm49]

1. Already happening here. $3.25 / gallon.

[chocolatpi]

2. Price was nearly $4/gal. in Phoenix yesterday

[ProfessorGAC]

3. One Problem

While I appreciate Joe's intent, he needs to be talking to commodity traders.
The oil producers & refiners have limited control over price. They'd like to, but they don't.
The move in sending wholesale refined product to the commodity markets eliminated the incentives to for the refiners to compete on price.
In the industry, cost to refine is practically a constant so crude price is the real lever.
I suppose producers could try to encourage higher prices, but if the commodity buyers say no, they get what they get.
So, I hope Joe reiterates this warning to the folks that can speculate the price up for no reason beyond gambling.

[WHITT]

4. BTW

The 'Strategic Petroleum Reserve' was created for EXACTLY situations like this, so they should be opening the valves immediately.

[hippywife]

5. Was already up to $3.23 here yesterday...

now $3.39. (Oklahoma)

[rockfordfile]

6. Price gouging

[Irish_Dem]

7. The American oligarchs are not going to waste a nice global emergency.

To rip off the American consumer.

[EarthFirst]

8. Noticed 3.81 here in WNY on my morning commute today... nt

[Wicked Blue]

9. $3.59.9 in my part of Maryland nt