Biden Demands Investigation Into Oil Companies For Possible Price Gouging

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Published on 26 Nov 2021, 19:00
President Biden has told the Federal Trade Commission to look into possible price gouging by oil companies as gas prices continue to rise in the U.S. Biden believes that there could be more to the price increases than just basic supply and demand issues, and he wants to get to the bottom of this. This is actually something that should have happened many years ago, as gas prices appear to rise and fall on whims without outside factors interfering. Ring of Fire's Farron Cousins explains what's happening.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

President Biden recently called for a probe into oil companies operating here in the United States to see if there is any price gouging going on as gas prices continue to rise for American consumers. Now, the rising in gas prices has been a flash point. Republicans have jumped on it, trying to paint this as Joe Biden's America. And of course a good amount of it is due to the inflation that we're seeing. But Biden wants the federal trade commission to look into this because when you match up the profits to the price increases, you know, inflation is supposed to be due to an increase in demand and a decrease in supply and possibly even of course, to increased production costs. The numbers simply don't add up, the Biden administration says, and they're right about that. Oil industry profits here in the United States are set to be double what they were just two years ago. So if, if suddenly you're, you're having to pay more for production and prices have gone up and consumers are buying less, but your profits are still double. Yeah.

That kind of makes it look like something illegal could be happening here, could be happening. Maybe it's all legit. But let's be honest about the price of gas here in the United States, none of it is legit. Never really has been. We hit essentially what could be considered peak domestic oil production during the Obama administration. Didn't really see a decrease in gas prices. It just simply didn't happen. During the Bush administration, when he took office, gas was $1 and 9 cents per gallon. At its peak, it topped a little over $4 per gallon. Was there a shortage? Nope. There was turmoil in the Middle East, absolutely. Sure, yeah, yeah, yeah. But we didn't experience any shortages here in the United States. We sent our troops overseas to protect those gas pipelines. But prices still went up. Interesting, isn't it? So at the very least, I do say that this deserves some kind of investigation. We need to know why we're paying so much at the pump. Is it because of the taxes that get tacked on there? Is it because of inflation? Or is it because these greedy oil companies continue to bilk us out of every dollar they can because they can.

That's the problem, because they can. If you do not own an electric vehicle and you have to own a vehicle, then you have no option but to buy their product. I mean, do realize how stuck we really are when you kind of break it apart and think of it that way? If you have a gas car and you have to have a gas car because there's no public transportation in your area, or you don't want to pay for Uber's back and forth to work every single day of the week, you got to have a car. Of course, if it's not within walking distance, all that. Listen, I'm in an area, we have no public transit. There is no public transit in the city that I live in at all. We don't even have buses where I live. You have to have a car to literally go anywhere. And for those of us that can't afford all electric vehicles, we're stuck with gasoline and they could literally charge whatever they wanted and we would have no choice and they know that and they have known that for decades. So at the very least, have the FTC look into this. I agree with the Biden administration's goal here with their initiative.
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