Biden Continues To Blame Oil Companies For High Gas Prices
(AmericanProsperity.com) – The midterms are just days away, and Democrats are doing everything they can to remain in power. Inflation and the economy are weighing heavy on the minds of voters, giving Republicans a strong hand. One of the main issues heading into November 8 is the price of gas, which President Biden recently blamed on oil companies, echoing past claims.
Biden seizes on high oil profits ahead of the midterms https://t.co/tRueKJXkmj pic.twitter.com/xuEQzm7TJ6
— The Hill (@thehill) November 1, 2022
The White House recently brought attention to the massive profits that oil companies made in the third quarter. The administration has attempted to blame the oil industry for high fuel prices despite the global oil market being the main factor in pricing. Biden noted in a recent speech that “six of the largest oil companies” have made over $100 billion in profits in the last six months.
The president claimed if the industry passed some of the profit on to the consumer, the price of fuel would likely drop another 50 cents. During his remarks, Biden also declared these record profits were the result of the battle in Ukraine, calling the earnings a “windfall of war.” The president said companies have a responsibility to go beyond thinking only about themselves during times of hostility, adding they should act in the interest of their country and consumers. Biden threatened to implement higher taxes for oil companies on their excess profits if they don’t use them to increase their production of oil.
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