Guest essay by Eric Worrall
After closing the right and left pipelines, scaring investors with climate extremism, threatening or implementing new taxes and tougher regulations, and banning new federal lease, the Biden administration suspects bad behavior could drive up gasoline prices.
President Biden calls on the Federal Trade Commission to look into whether “illegal behavior” is driving up gas prices
BY SARAH EWALL-WICE
November 17, 2021 / 5:32 pm / CBS NEWS
As gas prices soar across the United States, President Joe Biden called on the Federal Trade Commission to look into whether illegal behavior is driving up the cost of gas for families. Americans have see costs increase, from the price at the pump to grocery store shopping.
In a letter Wednesday to Lina Khan, the president of the FTC, Biden called for her attention to “gathering evidence of anti-consumer behavior by oil and gas companies.”
“The bottom line is this: gas prices at the pump remain high, even as oil and gas companies’ costs are falling,” Biden wrote. “The Federal Trade Commission has the authority to look into whether illegal conduct costs pump families. I believe you should do so immediately.”
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Read more: https://www.cbsnews.com/news/gas-prices-biden-federal-trade-commission/
The following is a copy of Biden’s letter to the FTC:
I’m pretty sure I remember a unit of economics where the professor explained that if you cut the supply of goods, with new taxes or punitive attacks on availability, the The dot will move up this curve, resulting in consumers paying more for less.
Perhaps President Biden needs a mentor who studied economics.
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