In an expected move, President Joe Biden announced today a release from the Strategic Petroleum Reserve in an effort to lower gas prices.
At the same time, however, Biden attacked oil companies and suggested that they are to blame for the high prices at the pump.
Biden said in a tweet, “I will not stand by while oil companies engage in profiteering at the expense of American families.”
“That’s why I’ve asked the FTC to consider whether potentially illegal and anti-competitive behavior in the oil and gas industry is causing higher prices for consumers,” Biden explained.
I will not stand by while oil companies engage in profiteering at the expense of American families.— President Biden (@POTUS) November 23, 2021
That’s why I’ve asked the FTC to consider whether potentially illegal and anti-competitive behavior in the oil and gas industry is causing higher prices for consumers.
Biden’s Energy Department cited legislation enacted under the Republican-controlled House during the Trump administration ordered the government to sell more than 100 million barrels from the Strategic Petroleum Reserves by 2027 to raise money for the Treasury.
The administration plans to sell 50 million barrels, the biggest ever release, and oil refiners have until Dec. 14 to bid on the oil on offer, the Energy Department said.
Trump said in a statement, however, that the reserves are “meant to be used for serious emergencies, like war, and nothing else.”
When Biden made the announcement, he walked off as reporters attempted to shout questions at him, refusing to answer.
During the speech, Biden accused the oil companies of “making a lot more” and “pocketing the difference.”
Biden also insisted that his efforts to combat “Climate Change” had nothing to do with the rising gas prices.
Tune in as I deliver remarks on the economy and lowering prices for the American people. https://t.co/81OP9ZUk6Y— President Biden (@POTUS) November 23, 2021
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