Since Inauguration Day, WTI is up 48%, but gasoline prices are up only 43%. If these guys are gouging motorists, they're pretty lousy at it. On the other hand, Biden wasted no time killing pipelines and shutting down drilling. Maybe the FTC should investigate him for anti-consumer behavior.
CNBC (11/17/21) reports: "President Joe Biden is asking the Federal Trade Commission to look into behavior from energy companies as prices at the pump hover around a seven-year high. In a letter to Chair Lina Khan Wednesday, Biden said there’s 'mounting evidence of anti-consumer behavior by oil and gas companies.' The letter noted that prices at the pump have remained high despite a decline in the price of unfinished gasoline. 'This unexplained large gap between the price of unfinished gasoline and the average price at the pump is well above the pre-pandemic average,' the letter said. The letter added that the 'two largest oil and gas companies in the United States' — which are Exxon and Chevron based on market capitalization — are on track to almost double their net income compared with 2019 levels, while the two companies have also announced stock buybacks and dividend hikes. Biden’s latest request comes as the administration tries to quell the surge in gas prices and its contribution to inflation across the economy. In August the administration called on OPEC and its oil-producing allies to boost output and also asked the FTC to investigate price-gouging at the pump."
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"If a genie appeared and said 'I can make all fossil fuel and FF infrastructure disappear if you choose' I'd say yes, even knowing the chaos it would sadly cause. Because it would still be far less than the irreversible damage and chaos we're heading toward."
– Peter Kalmus,
NASA climate scientist
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