Guest essay by Eric Worrall
After shutting down pipelines right and left, frightening investors with climate extremism, threatening or implementing new taxes and tougher regulations, and banning new leases on federal land, the Biden administration suspects foul play may be driving up the price of gasoline.
President Biden calls on the Federal Trade Commission to look into whether “illegal conduct” is pushing gas prices up
BY SARAH EWALL-WICE
NOVEMBER 17, 2021 / 5:32 PM / CBS NEWS
As gas prices soar across the United States, President Joe Biden called on the Federal Trade Commission to look into whether illegal conduct is driving up the cost of gas prices for families. Americans have seen rising costs, from prices at the pump to shopping at grocery stores.
In a Wednesday letter addressed to Lina Khan, chair of the FTC, Mr. Biden called her attention to “mounting evidence of anti-consumer behavior by oil and gas companies.”
“The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining,” Mr. Biden wrote. “The Federal Trade Commission has the authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.”
…Read more: https://www.cbsnews.com/news/gas-prices-biden-federal-trade-commission/
The following is a copy of Biden’s letter to the FTC:
I’m pretty sure I remember an economics unit in which the professor explained that if you choke off the supply of a commodity, with new taxes or punitive regulatory attacks on availability, the dot moves up this curve thing, resulting in consumers paying higher prices for less.
Perhaps President Biden needs an advisor who studied economics.