The White House is targeting Putin and the oil majors for higher gasoline prices, as small businesses grapple with the fallout. Jeff Fluke of FOX Business breaks down myths versus facts blaming Biden’s gas prices.
House Democrats are ratcheting up the pressure oil high comp gas prices Hurting drivers continues, with a congressional hearing in April to question oil executives.
Republicans also seek to assign blame President Biden Pump Suffering – Gas Prices Nationwide in Dollars4.262 per gallonAccording to the AAA – Democrats have sought to shift attention away from Biden, blaming first on Russian President Vladimir Putin and now on the big oil companies.
US – June 16: Rep. Pramila Jayapal of Washington State participated in the press conference at the Capitol to outline the bipartisan agenda for “A Stronger Economy Online Wednesday, June 16, 2021” (Photo by Bill Clark/CQ-Roll Call, Inc via Getty I (Photo by Bill Clark/CQ Roll Cole, Inc. via Getty Images/Getty Images)
re \ come back. Pramila JayapalDe Wach told Fox News that there was a “clear profit” from oil companies, noting that crude oil prices are down but gas prices are still high. She said Democrats want to see the savings pass on to consumers.
“We go after American companies because American companies often win,” said Jayapal, president of the House Progressive Caucus, which counts team members as members.
The head of the Democratic Committee calls on the oil seios to test the rise in gas prices
After the price of a barrel exceeded $123 shortly after the Russian invasion of Ukraine, the price of crude oil gradually fell below $105.
Gas price is still hovering near its previous record high $4.33 per gallonset March 11.
The cost of oil is about 50% of what drivers pay at the pump, but says “this war is upsetting an already tight global oil market,” Andrew Gross, a spokesman for the AAA, said in a statement.
BIDEN’S OIL BLAME: MYTH VS. reality
Consumers are willing to pay a little more because of Putin’s war in Ukraine and the United States banning Russian oil imports, but Jayapal said it was time to “hold these oil companies to account” for profiting in the “terrible moment of war.”
Meanwhile, the Chairman of the House Natural Resources Committee, Representative Raul M. Grijalva, Arizona, has called the CEOs of three fossil fuel companies — EOG Resources, Devon Energy Corporation, and Occidental Petroleum — to testify before Congress on April 5. The hearing will consider The failure of the fossil fuel industry to help stabilize US gasoline prices, According to the advertisement.
House Natural Resources Committee Chairman Raul Grijalva, Arizona Democrat, delivers a closing statement during the House Natural Resources Committee hearing on Capitol Hill in Washington, D.C., on June 29, 2020. (BONNIE CASH/POOL/AFP via Getty Images/Getty Images)
The hearing will take a look at why oil companies have been reluctant to obtain thousands of permits without drilling. The commission says that fossil fuel companies have more than 9,000 approved permits, but they are not used to drill in public lands and waters.
Republicans have blamed Biden for the price hike, citing domestic oil policies, dependence on foreign oil and increased government spending that they say has driven inflation.
Oil producer calls out Biden’s energy policies: ‘Move more, Biden’ and let’s act
Texas Republican Representative Pete Sessions, R-Texas, criticized the Biden administration for its policies. “They are the ones who don’t like oil and energy,” Sessions told Fox News. “They are the ones who want to advance their climate change agenda.”
The American Petroleum Institute, a trade group representing energy companies, responded to the political criticism, saying, “Across the economy, retail prices in many industries are falling more slowly than they are rising — this is not a new phenomenon.”
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“As we’ve seen in the past, it takes time for market conditions to change to work through the supply chain and for the price of crude oil to be broadly reflected in the price we pay at local gas stations, more than 95 percent of which are small, independently owned businesses that are not run by oil companies. American Petroleum Institute Vice President Frank Macciarola told FOX Business.
Paul Conner and Ken Martin of Fox Business contributed to this report.
