{"id":1473720,"date":"2022-05-13T07:15:46","date_gmt":"2022-05-13T11:15:46","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1473720"},"modified":"2022-05-13T07:16:10","modified_gmt":"2022-05-13T11:16:10","slug":"democrats-favorite-inflation-talking-point-was-just-totally-debunked","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-favorite-inflation-talking-point-was-just-totally-debunked\/","title":{"rendered":"Democrats\u2019 Favorite Inflation Talking Point Was Just Totally Debunked"},"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\">18<\/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%2Fdemocrats-favorite-inflation-talking-point-was-just-totally-debunked%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=1473720&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--><p>The Federal Reserve Bank of Dallas rebutted a popular claim from Democrats that fuel prices are surging as a result of price gouging by oil companies.<\/p>\n<p>Alleged price gouging from Big Oil companies is not among the number of factors causing record high gasoline prices nationwide, senior Dallas Fed economists Garrett Golding and Lutz Kilian <a href=\"https:\/\/www.dallasfed.org\/research\/economics\/2022\/0510\">wrote<\/a> in a blog post Tuesday. While it is true crude oil prices have declined at various points over the last several months while fuel prices remained high, gasoline costs aren\u2019t often set by oil drillers and are affected by other expenses like rent and credit card fees, they argued.<\/p>\n<p>\u201cGas station operators set retail prices based on their expected acquisition cost for the next delivery of fuel from the local distributor, federal and state tax rates, and a markup that covers operating expenses, such as rent, delivery charges and credit card fees,\u201d the Fed officials wrote.<\/p>\n<p>\u201cSince only 1 percent of service stations in the U.S. are owned by companies that also produce oil, U.S. oil producers are in no position to control retail gasoline prices,\u201d they continued. <strong><a href=\"https:\/\/dailycaller.com\/2022\/03\/07\/white-house-oil-gas-leasing-russia-ukraine\/\">(RELATED: ANALYSIS: White House Keeps Misleading Public On Oil, Gas Leasing. Here Are The Facts)<\/a><\/strong><\/p>\n<p>Democrats, though, have <a href=\"https:\/\/dailycaller.com\/2022\/03\/18\/democrats-big-oil-hearings-gas-prices-joe-biden\/\">repeatedly blamed<\/a> Big Oil for the high gasoline prices, <a href=\"https:\/\/dailycaller.com\/2022\/03\/30\/big-oil-ceos-democrats-natural-resources-committee\/\">arguing<\/a> that the companies are exploiting the Ukraine crisis to pad their profits. House Speaker Nancy Pelosi said Thursday that the House would vote next week on the Consumer Fuel Price Gouging Prevention Act <a href=\"https:\/\/schrier.house.gov\/media\/press-releases\/reps-schrier-porter-introduce-legislation-stop-price-gouging-gas-pump\">introduced<\/a> by Democratic Reps. Kim Schrier and <a href=\"https:\/\/dailycaller.com\/2021\/10\/28\/katie-porter-climate-change-oil-gas-house-oversight-committee\/\">Katie Porter<\/a> on May 6.<\/p>\n<p>\u201cWhile families are struggling to pay higher prices at the pump, oil and gas companies are recording record profits,\u201d Pelosi <a href=\"https:\/\/twitter.com\/i\/broadcasts\/1OyJADyXERrGb\">told<\/a> reporters.<\/p>\n<div id=\"attachment_7428292\" class=\"wp-caption alignnone\">\n<p id=\"caption-attachment-7428292\" class=\"wp-caption-text\">A sign displays gas prices at a station in Chicago on Tuesday. (Scott Olson\/Getty Images)<\/p>\n<\/div>\n<p>Golding and Kilian added that Big Oil companies account for just 17% of U.S. crude oil production and about half of the supply consumed by American consumers. Gas prices are also dependent on domestic refining capacity, regional distribution capabilities and local conditions where retailers purchase supply.<\/p>\n<p>\u201cThe elevated retail gasoline prices must be attributed to events in the U.S. retail gasoline market beyond the control of oil producers,\u201d they continued. \u201cMoreover, the asymmetry of the response of retail gasoline prices need not be evidence of price gouging.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2022\/05\/12\/joe-biden-administration-oil-gas-lease-sales\/\">(RELATED: Biden Cancels More Oil And Gas Leases As Fuel Prices Skyrocket)<\/a><\/strong><\/p>\n<p>\u201cOne potential explanation is that station operators are recapturing margins lost during the upswing, when gas stations were initially slow to increase pump prices,\u201d the officials wrote. \u201cThe reluctance to lower retail prices also likely reflects concerns that oil prices\u2014and, hence, wholesale gasoline prices\u2014may quickly rebound, eating into station profit margins.\u201d<\/p>\n<p>Global and U.S. crude oil indices have been <a href=\"https:\/\/www.cnbc.com\/quotes\/@LCO.1\">extremely<\/a> <a href=\"https:\/\/www.cnbc.com\/quotes\/@CL.1\">volatile<\/a> in the aftermath of Russia\u2019s invasion of Ukraine which disrupted energy markets across the world. The U.S. WTI index, which <a href=\"https:\/\/www.cnbc.com\/quotes\/@CL.1\">hit<\/a> $106.55 per barrel Thursday, has surged to nearly $130 a barrel and fallen below $93 a barrel over the last two months.<\/p>\n<p>Meanwhile, gasoline prices fell slightly in April before ticking up again in early May, Energy Information Administration data <a href=\"https:\/\/www.eia.gov\/petroleum\/gasdiesel\/\">showed<\/a>. The average pump price hit $4.42 per gallon, an all-time record, on Thursday, <a href=\"https:\/\/gasprices.aaa.com\/\">according<\/a> to AAA data.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Reserve Bank of Dallas rebutted a popular claim from Democrats that fuel prices are surging as a result of price gouging by oil companies.Alleged price gouging from Big<\/p>\n","protected":false},"author":489,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1473720","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\/1473720","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\/489"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1473720"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1473720\/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=1473720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1473720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1473720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}