Gas Trade Group Calls Biden Inquiry ‘Distraction’ Amid Misconduct Charges

0


The American Petroleum Institute (API), a group that represents “all segments of the U.S. oil and gas industry,” released a statement Wednesday calling on President Joe Biden to ask the Federal Trade Commission to investigate on potential “illegal conduct” by the oil and gas industry. industry a “distraction”.

In his letter to the FTC, Biden noted that the price of gas has risen despite the drop in the price of unfinished gasoline over the past month. The President asked FTC President Lina Khan to determine whether Americans are paying more for gasoline “because of anti-competitive or potentially illegal behavior.”

Noting that America’s two largest gas suppliers, ExxonMobil and Chevron, are expected to nearly double their net income from 2019, Biden asked the FTC to launch an “open investigation” to collect data on how companies are fixing gas prices and how these institutions determine pump prices.

Frank Macchiarola, API senior vice president for politics, economics and regulatory affairs, who drafted the statement, was not satisfied with the request from the Biden administration. In addition to calling it a “distraction”, he attributed the rise in gas prices to “ill-advised government decisions”.

US President Joe Biden has made the fight against climate change one of his administration’s top priorities. Here, he speaks during the virtual climate change summit from the East Room of the White House campus on April 22 in Washington, DC
Photo by BRENDAN SMIALOWSKI / AFP via Getty Images

“It is a distraction from the fundamental market change underway and the ill-advised government decisions that are making this predicament worse,” Macchiarola wrote. “Demand has returned as the economy recovers and outstrips supply. The administration’s continued decision to restrict access to U.S. energy supplies and cancel major infrastructure projects is having an impact. additional on the imbalance. “

The decrease in drilling during the pandemic, coupled with a more recent increase in economic activity, caused global oil reserves to fall to their lowest point since early 2015, the the Wall Street newspaper reported. However, the International Energy Agency said on Tuesday that this problem may soon subside as oil production is expected to increase by 1.5 million barrels per day for the remainder of the year.

Biden remains focused on strengthening America’s green economy through his infrastructure and social safety net bills. These investments are accompanied by the cancellation of pipeline projects, such as the Keystone XL, mentioned by Macchiarola in his press release.

Despite API complaints, Biden appears determined to move his climate agenda forward. At the COP26 conference in Glasgow, Scotland, earlier this month, the President proclaimed that the United States was “not only back at the table, but hopefully leading by force of our example.” in the fight against climate change.



Share.

About Author

Comments are closed.