Big Oil is finally working on a cap, and Beden is angry | OilPrice.com

This week, the Najah Desert Oasis gas station in southeastern California made its mark. Reads for the regular $ 6.39. This remote gas pump Your average gas station is definitely not, and even at its best, it has the highest fuel prices in the country. But breaking the $ 6 mark is a big deal even for your driver. Overall, in California, the average gas price is $ 4.68 per gallon, and nationally it is now $ 3.41 per gallon of regular gasoline – up from $ 1.29 a year ago. Indeed, inflation across the country has been high for 31 years, and Americans are really feeling the pressure, and many are wondering who is to blame.

Despite its global demand for electricity Returns to pre-epidemic stages, Global oil production has not arrived – not long ago. Oil production remains in the United States 12% lower Instead of February 2020, the effects of the epidemic will spill over into the oil markets. This equates to the export of US GDP in the Gulf of Mexico. And oil and gas production are low even as the world suffers from severe energy shortages and rising oil prices.

And whose fault is it? The answer to who you are asking is whether it is a game of geopolitical power between Vladimir Putin and Russia. In response to the energy crisis in Europe, Asia and (to a lesser extent) the United States. Now, President Joe Biden is pointing the finger at another criminal, the greedy and greedy domestic oil and gas industry. This week, US President George W. Bush called on federal regulators to open an investigation into companies involved in the US oil and gas industry.Illegal conduct“Citing growing evidence on the anti-consumer behavior of oil and gas companies benefiting from consumer pain.”

“The bottom line is that oil prices are falling, but the price of fuel at the pump is high,” President Biden wrote in a letter to FTC Chair Lina Khan this week. “The Federal Trade Commission has the authority to investigate whether illegal activities are charging families in the pump. I believe you should do it immediately.”

In fact, the price of unfinished gasoline fell by more than 5% last month. Typically, this decline is reflected in the prices at the pump, but instead the gas station sticker shock continues throughout the US. It is making huge profits from high energy prices, ”he added.

Supporting President Biden’s Claims Bloomberg Issued a report Oil and gas explorers in the United States are turning to politics this week because they are pushing back on oil prices, but the real reason is very simple – they are making money. According to Deloit LLP, US oil companies are making more money than ever before in the history of the Shell Revolution. “And this could be the beginning,” wrote Bloomberg Markets. “Free cash flow, a key measure for investors, is likely to increase by 38% next year, which is expected to boost oil prices.”

It has an American Petroleum Institute He was shot again According to an appeal by President Biden to the FTC, the move “undermines the fundamental changes that are taking place and the government’s decisions that are exacerbating this challenge”. Biden criticized the allocation of time and energy to fight the domestic oil and gas industry and OPEC + and said the focus would be on “promoting safe and responsible development of US-made oil and natural gas”.

Haley Zareba to Oilprice.com

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