{"id":1029723,"date":"2021-11-18T22:44:02","date_gmt":"2021-11-19T03:44:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1029723"},"modified":"2021-11-18T22:44:05","modified_gmt":"2021-11-19T03:44:05","slug":"gas-group-pushes-back-on-biden-blaming-industry-for-high-fuel-prices-distraction-from-bad-energy-policies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gas-group-pushes-back-on-biden-blaming-industry-for-high-fuel-prices-distraction-from-bad-energy-policies\/","title":{"rendered":"Gas Group Pushes Back on Biden Blaming Industry for High Fuel Prices: &#039;Distraction\u2019 from Bad Energy Policies"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgas-group-pushes-back-on-biden-blaming-industry-for-high-fuel-prices-distraction-from-bad-energy-policies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1029723&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/pedestrian-walks-past-high-gas-prices-getty-640x335-1.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<p class=\"subheading\">As pressure mounts on Joe Biden and his administration over inflation, including higher prices at the gas pump, the president has asked the Federal Trade Commission (FTC) to investigate potentially \u201cillegal conduct\u201d by the oil and gas industry \u2014 and that industry is pushing back.<\/p>\n<p>\u201cThis is a distraction from the fundamental market shift that is taking place and the ill-advised government decisions that are exacerbating this challenging situation,\u201d Frank Macchiarola, senior vice president for policy, economics and regulatory affairs at the American Petroleum Institute, <a href=\"https:\/\/www.api.org\/news-policy-and-issues\/news\/2021\/11\/17\/api-statement-on-ftc-investigation\">said<\/a> in a statement, adding:<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<blockquote readability=\"12\">\n<p>Demand has returned as the economy comes back and is outpacing supply. Further impacting the imbalance is the continued decision from the administration to restrict access to America\u2019s energy supply and cancel important infrastructure projects.<\/p>\n<p>Rather than launching investigations on markets that are regulated and closely monitored on a daily basis or pleading with OPEC to increase supply, we should be encouraging the safe and responsible development of American-made oil and natural gas.<\/p>\n<\/blockquote>\n<p>API is the trade organization for the U.S. natural gas industry, which supports more than 11 million jobs in the domestic energy sector, according to its website.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p><em>Newsweek<\/em> <a href=\"https:\/\/www.newsweek.com\/gas-trade-group-calls-bidens-demand-probe-distraction-amid-misconduct-accusations-1650412\">reported<\/a> on Biden blaming the private sector for inflation, including the oil and gas industry:<\/p>\n<blockquote readability=\"14.521812080537\">\n<p>Decreased drilling during the pandemic paired with a more recent surge in economic activity resulted in the world\u2019s oil reserves falling to their lowest since early 2015, the <a href=\"https:\/\/www.wsj.com\/articles\/resurgent-oil-supply-expected-to-soothe-tight-market-11637053201\"><i>Wall Street Journal<\/i><\/a> reported. However, the International Energy Agency said on Tuesday that this issue could soon ease as oil output is expected to rise by 1.5 million barrels a day for the rest of the year.<\/p>\n<p>Biden remains focused on bolstering America\u2019s green economy through his infrastructure and social safety net bills. These investments come alongside the cancellation of pipeline projects, like the Keystone XL.<\/p>\n<\/blockquote>\n<p>The<em> Hill<\/em> also <a href=\"https:\/\/www.krqe.com\/news\/politics\/biden-asks-for-probe-of-potential-illegal-conduct-on-gas-prices\/\">reported<\/a> on Biden\u2019s letter to the FTC:<\/p>\n<blockquote readability=\"22\">\n<p>President Joe Biden is asking the head of the Federal Trade Commission (FTC) to look into whether oil companies are illegally increasing prices as consumers face high costs&nbsp;at the pump. \u201cThe Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately,\u201d&nbsp;Biden&nbsp;wrote in a letter to FTC Chairwoman Lina Khan on Wednesday.<\/p>\n<p>\u201cPrices at the pump have continued to rise, even as refined fuel costs go down and industry profits go up,\u201d he added. \u201cIn the last month, the price of unfinished gasoline is down more than 5 percent while gas prices at the pump are up 3 percent in that same period. This unexplained large gap between the price of unfinished gasoline and the average price at the pump is well above the pre-pandemic average.\u201d<\/p>\n<p>Biden said that oil and gas companies in the U.S. are generating significant profits from the higher cost of energy, noting that two of the largest oil and gas companies in the U.S. are on track to nearly double their net income over 2019.<\/p>\n<\/blockquote>\n<p>Gas prices rose 6.1 percent in last month, according to the Labor Department,&nbsp;with prices about 24 percent <a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=pet&amp;s=emm_epm0_pte_nus_dpg&amp;f=m\">higher<\/a>&nbsp;than they were&nbsp;during the&nbsp;same month in 2019.<\/p>\n<p>\u201cKhan agreed to undertake that investigation, saying regulators will look into whether there are any \u2018collusive\u2019 or otherwise illegal practices impacting gas prices,\u201d the <em>Hill<\/em> reported.<\/p>\n<p><i>Follow Penny Starr on <\/i><a href=\"https:\/\/twitter.com\/PennyStarrDC\"><i>Twitter<\/i><\/a><i> or send news tips to <a href=\"https:\/\/www.breitbart.com\/cdn-cgi\/l\/email-protection\" class=\"__cf_email__\" data-cfemail=\"3c4c4f485d4e4e7c5e4e5955485e5d4e48125f535112\">[email&nbsp;protected]<\/a><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As pressure mounts on Joe Biden and his administration over inflation, including higher prices at the gas pump, the president has asked the Federal Trade Commission (FTC) to investigate potentially &#8230;<\/p>\n","protected":false},"author":18,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1029723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1029723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1029723"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1029723\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1029723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1029723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1029723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}